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<blockquote data-quote="Wally" data-source="post: 5951275" data-attributes="member: 46212"><p><h3><strong><span style="font-size: 10px">[URL unfurl=&quot;true&quot;]https://manhattan.institute/article/problems-with-eliminating-the-social-security-tax-cap[/URL]</span></strong></h3><h3><strong><em>Conclusion</em></strong></h3><p><em>Social Security’s growing shortfalls and looming trust-fund insolvency require the consideration of a broad range of savings policies. No single policy—including lifting the Social Security tax cap—can fix the entire shortfall without the need for other savings proposals. And while<strong> fully eliminating the cap</strong> could close half the long-term shortfall, advocates should note that such a policy would dramatically raise taxes not just on the rich but also the upper middle class. It <strong>would also rob nearly all other progressive priorities (and the larger Medicare shortfalls) of their largest potential tax-the-rich funding mechanism</strong>—all to ensure that (mostly) wealthy baby boomers receive benefits vastly exceeding their lifetime contributions to Social Security. Generational equity requires scaling back the unaffordable promises made to current and future retirees, rather than maxing out the taxes on working families.</em></p></blockquote><p></p>

[QUOTE="Wally, post: 5951275, member: 46212"] [HEADING=2][B][SIZE=2][URL unfurl="true"]https://manhattan.institute/article/problems-with-eliminating-the-social-security-tax-cap[/URL][/SIZE][/B][/HEADING] [HEADING=2][B][I]Conclusion[/I][/B][/HEADING] [I]Social Security’s growing shortfalls and looming trust-fund insolvency require the consideration of a broad range of savings policies. No single policy—including lifting the Social Security tax cap—can fix the entire shortfall without the need for other savings proposals. And while[B] fully eliminating the cap[/B] could close half the long-term shortfall, advocates should note that such a policy would dramatically raise taxes not just on the rich but also the upper middle class. It [B]would also rob nearly all other progressive priorities (and the larger Medicare shortfalls) of their largest potential tax-the-rich funding mechanism[/B]—all to ensure that (mostly) wealthy baby boomers receive benefits vastly exceeding their lifetime contributions to Social Security. Generational equity requires scaling back the unaffordable promises made to current and future retirees, rather than maxing out the taxes on working families.[/I] [/QUOTE]

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