Depending on which study you read, Social Security may run out as soon as 2032. Currently 6.2% Social Security tax is capped at $113,700, meaning those who earn more than this pay nothing on the remainder of their income. It is estimated that eliminating the tax cap would come close to eliminating the Social Security funding problem for the next 75 years. This change would affect the top 6% of all earners. For the purposes of benefit calculations, however, the contribution base set by the cap should remain, as the top 6% of earners do not need the additional retirement income.
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