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Topic	Clock is ticking to fix Social Security; Retirees face automatic cut in 9 years
UnsteadyOwl 05/07/24 11:41:19 AM #55:	DnDer posted... Granted a lot has changed in a decade, but I remember people like Bernie Sanders and Thom Hartmann (probably on Thom's show, no less) say that removing the income cap would make SS indefinitely solvent...? This is a Congressional report from 2021. There's a study that's done regularly on the impact of eliminating the income limit on Social Security tax. There was a time when doing so would maintain Social Security "indefinitely" (in this case meaning beyond the 75 year projection period). As the years have gone by, that number has changed because the longer we wait the more revenue is going to be needed to keep Social Security afloat. https://crsreports.congress.gov/product/pdf/IN/IN11789 Eliminating the cap is needed, but to make SS indefinitely solvent is going to also require some other measures such as raising the tax rate, decreasing benefits, raising the retirement age, or some combination of those. --- "It is possible to commit no mistakes and still lose. That is not a weakness. That is life." <cite>UnsteadyOwl posted [p:980281978] in Clock is t... [t:80763883]...</cite> <quote>DnDer posted... </cite><quote>Granted a lot has changed in a decade, but I remember people like Bernie Sanders and Thom Hartmann (probably on Thom's show, no less) say that removing the income cap would make SS indefinitely solvent...?</quote>This is a Congressional report from 2021. There's a study that's done regularly on the impact of eliminating the income limit on Social Security tax. There was a time when doing so would maintain Social Security "indefinitely" (in this case meaning beyond the 75 year projection period). As the years have gone by, that number has changed because the longer we wait the more revenue is going to be needed to keep Social Security afloat.https://crsreports.congress.gov/product/pdf/IN/IN11789Eliminating the cap is needed, but to make SS indefinitely solvent is going to also require some other measures such as raising the tax rate, decreasing benefits, raising the retirement age, or some combination of those. --- "It is possible to commit no mistakes and still lose. That is not a weakness. That is life."</quote> ... Copied to Clipboard!
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