Social Security tax hike would be "financially impossible" for many, expert says

TL;DR

A proposed payroll tax increase to 17% from 12.4% to fund Social Security could add $2,600-$3,000 annually for a median worker, a cost considered financially impossible for many.
The Social Security trust fund is projected to run out in 2032, potentially leading to a 22% benefit cut if Congress does not act.
Raising or eliminating the maximum income subject to Social Security tax ($184,500) is an alternative attracting bipartisan support.
Some experts believe a combination of revenue generation (e.g., raising the tax cap) and benefit reductions (e.g., increasing retirement age, limiting benefits for high earners) is needed.
An economist from the Cato Institute argues that benefit reductions are a more critical component for Social Security's long-term survival.

Continuar leyendo el artículo original