Part 8/11:
While Trump’s elimination of Social Security taxes presents numerous logistical and ethical challenges, experts suggest alternative reforms that could bolster the system's longevity without creating additional burdens. These may include:
Raising the income cap for Social Security taxes: Currently, individuals earning above $176,000 are exempt from paying taxes on their excess income, significantly limiting revenue contributions from high earners.
Gradually increasing FICA tax rates: Altering tax rates could distribute the financial responsibility more evenly across different income levels, alleviating pressure on retirees.