The Republicans’ and some misguided Democrats’ focus on “fixing” Social Security’s projected 2033 deficit by reducing benefits or increasing the retirement age is an affront to people’s intelligence. The Congressional Budget Office examined dozens of ways to extend the present Social Security surplus beyond 75 years, and the highest revenue-yielding approach without decreasing benefits is simply to eliminate the cap on income that is taxed for the program (currently $113,700 a year).
Upper-middle-class and wealthy people should be happy that they are fortunate enough to be able to pay their fair share at the same percentage rate as their less fortunate fellow citizens. Why won’t Congress simply eliminate the cap? They won’t because Republicans place their highest priority on protecting the rich, and not the less fortunate and elderly in our society.
KENNETH N. TRAUB