7 Proposed Fixes to Save Social Security That Surprisingly Have Bipartisan Support
Lawmakers have a mere 13 years to fix the Social Security program before it can no longer pay full benefits, according to the most recent Social Security trustees’ report.
There are several proposed policy changes to address the Social Security funding gap that voters on both sides of the aisle overwhelmingly support.
A proposal to raise the payroll tax cap to $400,000 would go a long way to closing the budget gap.
Raising the Payroll Tax Cap
One proposal that received a large majority of bipartisan support would reduce benefits for the top 20% of earners and eliminate 11% of the shortfall.
Reducing Benefits for High Earners
With people living and working longer on average, one proposal would seek to raise the retirement age slightly to 68.
Raising the Retirement Age
Increasing the tax rate to 6.5% would eliminate 16% of the estimated shortfall.
Increasing the Payroll Tax Rate
A proposal to raise the minimum benefit for someone who had worked for 30 years or more to $1,341, which would increase the shortfall by 7%.
Raising the Minimum Benefit
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