The extraordinarily small group of employees, who earn an average annual salary of around $46,000 per hour, will stop paying Social Security’s FICA taxes sometime on Monday
) to reform Social Security by raising revenues and expanding benefits. It is extraordinary that there is little call for shrinking benefits, since most reforms used to be to split cuts and revenue increases evenly.
Bipartisanship can rule the day to solve the pressing social and humanitarian problem of financially harsh old age. As Economistnotes, Republicans and Democrats have come together before to solve big social insurance problems. In 1994, a bipartisan group of politicians eliminated the Medicare earnings cap. Since then, everyone pays Medicare taxes all year long. And since 2016, higher earners pay a surcharge and there were no complaints from the rich.A little history lesson.
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