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Political Factoid

Ways to Eliminate Social Security Shortfall
 
77% solution Increase the Social Security tax rate for employers and employees to 7.2% in 2022 and 8.2% in 2052 (up from the current 6.2% and 6.2%) R
71% solution Eliminate the earnings cap over a 10-year period P
53% solution Gradually increase the SS tax rate by 0.05% per year for 20 years R
30% solution Increase (not eliminate) the earnings cap to 90% of all earnings over five years P
25% solution Gradually increase the full retirement age to 70. R
20% solution Lower the cost-of-living adjustment R
20% solution Means-test SS benefits for the well-to-do P
15% solution Gradually increase the retirement age to 68 R
 
  
  • R - Regressive: favors the wealthy; hurts the working class
  • P - Progressive: favors lower classes
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Last updated * 2016-02-05
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