I admire Senator Bernie Sanders a great deal, but I have to wonder why he would be happy with such a half-measure. Why should there be any cap at all? Why not have the rich pay the same percentage of their income as middle and working class workers pay? That would not only be fairer, but would push the complete solvency of Social Security far into the future (and benefits would not have to be cut or the retirement age be raised).
I agree with you that there should be no cap on SS or Medicare taxes, but I still appreciate the power of Sanders' "all you have to do" argument.
ReplyDeleteI don't recall the actual figure (maybe it's where the 250k came from) but I do recall reading a bit back that SS would be solvent for the foreseeable future if the ceiling was set so that it reached to the same percentage of national personal income (80%, again if I recall correctly) as it historically did.