If you ever want to get folks riled up on both sides of an issue, mention the proposed idea to fix Social Security through raising taxes.
The potential increase on the maximum taxable wage cap for Social Security stirs the passion of just about anyone who has confronted the enormous task of saving for retirement. Unfortunately, much of the conversation that happens around this topic slants to one side.
You hear a lot of soundbites that sound good in the media or specific debates that make a certain income class feel protected — and meanwhile, the facts simply don’t get enough airtime.
Let’s give the facts the attention they deserve. In this article, we’ll dive into the large body of existing research on this topic. Along the way, we’ll correct some historical misinformation so you’ll understand how the history of the Social Security program as a whole fits into today’s proposals to fix the system.When we finish here, you’ll know the true impact of fixing Social Security through raising taxes or changing the payroll taxes really looks like.