reducing benefits as Blankfein wants to do, we could simply take the cap off the Social Security tax, as Ezra Klein notes:
If we lifted that cap, if we made all income subject to payroll taxes, the Congressional Budget Office estimates that it would do three times as much to solve Social Security’s shortfall as raising the retirement age to 70. In fact, it would, in one fell swoop, close Social Security’s solvency gap for the next 75 years.
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1 comment:
I have always wondered why the Government didn't eliminate the SS tax cap. I don't know of another tax...Federal, State or Local....where you pay in som emuch and then you can stop paying for the rest of the year.
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