The article discusses potential changes to Social Security, as highlighted by President Trump. With millions of older Americans relying on the program, significant funding issues arise as baby boomers retire. The trust funds are projected to run out of money, leading to possible benefit cuts by 2035. One proposed solution involves raising or removing the payroll tax cap, which currently limits tax contributions on higher earnings. However, this move could face backlash from the public and may complicate the political landscape surrounding Social Security reform.
Although millions of older Americans rely on Social Security to make ends meet, the program is filled with gaps and flaws that make it far from perfect.
One major issue it's facing now is the possibility of benefit cuts once its trust funds run out of money.
Social Security is facing a funding shortfall in the coming years as baby boomers exit the workforce in droves and begin claiming benefits.
One solution to that problem would be to raise or even eliminate the payroll tax cap.
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