Social Security benefits should not be cut, however, people are living longer and working longer so extending the full retirement age just goes along with the actuarial tables. But IMO eliminating the cap on Social Security taxes on earnings would be the best way to bolster the Social Security system. Right now those earning more than $142,800 no longer contribute to Social Security. OK the keep or slightly raise the cap on employer contributions, but eliminate the cap on individuals. The pros outway the cons.
Should We Eliminate the Social Security Tax Cap? Here Are the Pros
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There have been a number of proposals to increase, eliminate, or otherwise adjust the payroll tax cap as a way to shore up Social Security’s finances.