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We can save Social Security. Scrap the Cap!
(lemmy.today)
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this post was submitted on 07 Aug 2026
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If you make $176K your SS payout is $5,251/mo.
If you make $5M your SS payout is $5,251/mo.
If we remove the cap on contributions, is it fair to remove the cap on payouts?
(My personal answer is no, but it is hard to argue about the lack of equity in that case. The original cap on both ends was built with that in mind)
If you're making $5M a year, you likely will never need any payout. Its the whole point of a progressive tax system. The wealthy can afford to pay more, and require less support from the state.
Counterpoint: anyone paying any amount of social security tax is part of the working class, even if they're making $5M/yr. Increasing taxes on the working class isn't going to solve wealth unequally. We need to tax wealth.
I agree we need to tax wealth, but I'm fine with removing the cap on paying into social security. The system is going to break as it is, and needs more money flowing in. And the government needs to be barred from diverting that money to other things. If it had been treated as a hands of retirement fund, we wouldn't even have this issue.
You can even esssentially take the same rule - the payout is a curve, not a flat line. People near the cap get proportionally less payout. All we need to do is continue that thought so the xurve flattens out
Nope! If you make $5M in one single year, that's enough to retire immediately with a monthly income greater than $5251 already. They don't need the bonus.