How many times have we heard the story that the Social Security program is or will be out of money?
We’re told that the solution to the problem is to either raise the retirement age, reduce benefits, or both.
But, there’s another action that could be taken, which would boost up the fund, and that is to eliminate the cap on the amount of earnings subject to withholding, currently at $106,800.
Why should people who earn more than amount be exempt and continue to be exempt from further Social Security withholding? What’s fair about that? These same people are subject to Medicare withholding on all of their earnings. Social Security withholding should be no different.
Isn’t it time that this Social Security withholding cap travesty be eliminated?