New proposal suggests tax increases to extend Social Security funding, preventing benefit cuts in about a decade.
New proposal aims to extend Social Security funding but requires significant tax increases. Analysts predict that current funding will dry up in about a decade, leading to major cuts in monthly benefits. A proposed solution is eliminating the taxable maximum to preserve benefits until 2060, while other potential strategies include raising payroll taxes, adjusting retirement age, and reducing benefits for high-income retirees.
June 07, 2024
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