OPINION: Saving America’s retirement plan is one of the biggest issues we’re facing. Here are some possible solutions, from a wealth tax to welcoming more immigrants:
The latest report from the Social Security Administration trustees says the fund is now $20 trillion in the hole and will be empty by 2034. The Congressional Budget Office puts the date even earlier, at 2032. Saving America’s retirement plan is one of the biggest issues we’re facing.1. Make the self-employed pay their taxes. We can fill some of the funding hole just by making sure all the self-employed pay their share.
5. Raise the tax cap. Currently, Social Security tax is only levied on incomes below $142,800. It is not true—media please note—that those earning more than that don’t pay the tax at all. But they don’t pay the tax on everything they earn over that. One problem Social Security’s had is that people earning more than that have seen their incomes rise faster in recent decades than everyone else. President Biden wants to change that, but only on incomes over $400,000.
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