Taxing the Rich Won't Fix Social Security's Insolvency Issue -- But It Would Go a Long Way
If you're one of the more than 68 million Americans who depend on Social Security, you probably can't imagine your life without it. While some argue that these checks don't go far enough, they're still a reliable source of monthly income. So it's natural to be worried about Social Security being less than a decade away from insolvency.Politicians and experts have thrown around several ideas for how to increase the program's funding to avoid benefit cuts. One that's struck a chord with most Americans is forcing the wealthy to pay more in Social Security payroll taxes. It's easy to see why. The majority of Americans would benefit from this move without feeling any negative consequences.Image source: Getty Images.Continue reading
If you're one of the more than 68 million Americans who depend on Social Security, you probably can't imagine your life without it. While some argue that these checks don't go far enough, they're still a reliable source of monthly income. So it's natural to be worried about Social Security being less than a decade away from insolvency.
Politicians and experts have thrown around several ideas for how to increase the program's funding to avoid benefit cuts. One that's struck a chord with most Americans is forcing the wealthy to pay more in Social Security payroll taxes. It's easy to see why. The majority of Americans would benefit from this move without feeling any negative consequences.
Image source: Getty Images.
