Tuesday, July 06, 2021

Expanding Social Security

When I retire, I'm not likely to receive my full benefit. While it's not really a big problem for me (at least not at the moment), it is for many Americans. One solution is raising the OASDI income tax cap.

Currently, the top 5% of wage earners (those making $1 million a year) pay no more in Social Security than a person making the 2021 cap of $142,000. “We have to choose whether we eat or we go to the doctor, do we eat or do we buy medicine? The struggle is out there even though I’m working,” added Reynolds. “I’m wondering how long am I going to have my home, how long am I going to be able to pay for it? Should I buy a tent now and store it, because if I lose my job, I’ll be homeless because no one wants to hire a 74-year-old.” [Source]

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