Social Security taxes (FICA) are only paid on the first $113,700 of wages earned. This is currently a regressive tax because it falls most heavily on lower income earners. Those who earn over $113700 pay no FICA on wages above that amount, while all others pay FICA on their total wages, Removing the cap would take care of any Social Security shortfall for the foreseeable future. Medicare tax is paid on all wages. Social Security should be, too.
A healthy Social Security safety net benefits us all.
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