Social safety deals with a growing type of financial, and high-income, such as Elon Musk, beat the Cap Cap within minutes – and a regular employee offers a whole year.
To protect the future of the program, policies can measure seven changes that can increase social security solvency while measuring right and reporting.
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1. Remove Payroll Tax Cap
Social Security Tax is currently valid at the first $ 17600 in salary. When a person received this way, stop paying public safety taxes – no matter how much they make.
One of the most controversial solutions to remove CAP completely. This will mean that all salaries are taxed, which increases the income of social security. Opponents say that these responsibilities are paid by highways and may discourage business growth.
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2. Put public safety taxes in investment
Currently, the investment committifies – such as benefits such as benefits, financial benefits, and recruitment – public safety taxes. Other suggestions suggest to use public safety taxes to invest above a particular limit for more money for rich investors.
The lawyers say this closing the loomofole is the best of the rich. Critics say that this can discourage investment and retirement they rely on wage you can insect.
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3. Increase years of retirement (and)
The full years of retirement (FRA) has already arisen from 65 to 67, and some policies suggested expanding the forward 68 or even 70 minor employees. This can delay pay social security and reduce the total value that benefits later.
Supporters say a long-term life expectancy watches change, but opponents often have a short life-staff and physically demanding activities that make retirement delays difficult.
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4. Increase tax values
Currently, Employees and employers pay 6.2% of the paid tax. Increasing this in one point of percent can significantly increase social security solvency.
This approach is distributing a burden on all workers and businesses, but critics claims to reduce local payments and may oppress the small businesses.
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5. Reduce the benefits of high leadership
Some legalists suggest reducing retirement benefits at a higher retirement rate – directly, those earning more than $ 60,000 a year from unity, other sources either).
This may intend to saving for those who need you the most, but they may have dealt with those who pay for all their functions and expect full benefits.
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6. Change Formules for profitability
Benefits of public safety are calculated according to the leading years of 35 employees. Some refinement proposals suggest reduce the growth of profitability for high-income retirement while maintaining a low leadership.
The new formula may weaken the benefit of the hard worker, reducing long-term costs, but critics warn against this can finalize those who contribute to those who contributed.
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7. Introducing Social Security Methods
Examination will reduce or operate the benefits of the rich social security benefits from other sources.
This will enable public safety such as social plan, to guide only money for those in the budget. However, opponents are against us and undermine the society of social security as a universal retirement plan and punish the delegates.
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Protecting the Future of Social Security
Since social security faces the financial uncertainty, these seven policy ideas are always a project of projects in Washington.
Each approach has potential benefits and trading, as well as the challenge to measure the solvency in justice to ensure that future generations receive reliable benefits. While Congress has solutions, the best manual strategy to adjust retirement income, keep informed, and planned in advance.
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