- Congress must enact reforms to address the shortfall in the Social Security system.
- Congress is urged to consider increasing the Social Security tax cap, while both Congress and related entities are criticized for ignoring the fiscal crisis.
Michigan and Iowa Officials Propose Ending Social Security Payroll Tax Cap
2 reports, 1 independent
Updated Thu 00:00
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What happened
Officials in Michigan and Iowa proposed eliminating the Social Security payroll tax cap. Senate candidates across various states are campaigning on raising Social Security taxes on higher incomes to prevent benefit cuts from taking effect.
From aol.com
Why it matters
Social Security is currently projected to be fully funded until the fourth quarter of 2032. After that date, benefits could automatically be cut by 22% unless Congress takes action to boost revenues by lifting the current cap.
Congress is being urged to consider increasing the Social Security tax cap, as lawmakers face criticism for ignoring the system's fiscal crisis.
From aol.com