QUESTION OF THE DAY: Should the income cap on Social Security taxes be lifted?
Matthew Sanders
Bad news for Social Security — the trustees tasked with overseeing the fund say it’s going to run out earlier than expected.
Social Security’s trust fund will run dry in 2032 without changes, and taxes will only cover 78% of the obligation to retirees. Solutions exist to fix the problem with Social Security, but they all come with a political cost, such as delaying the retirement age.
One possibility is increasing the amount of income that is subject to the tax, forcing higher earners to pay more. Do you think that’s a good idea? Let us know by voting in the poll.