If Payroll Taxes Increased by This Much, There Would Be No Social Security or Medicare Shortfall — The Motley Fool

Unfortunately, taxing the rich isn’t going to completely solve Social Security’s or Medicare’s woes. It would make a dent of about 30% for Social Security’s projected budget shortfall between now and 2090, but it wouldn’t close the gap entirely. The implication is that benefits cuts to these programs could be needed, which few people support, or across-the-board payroll tax hikes could be warranted, perhaps in conjunction with a lifting of the payroll tax earnings cap.

via If Payroll Taxes Increased by This Much, There Would Be No Social Security or Medicare Shortfall — The Motley Fool

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