To the editor:
Sen. Mike Rounds is concerned with the future of Social Security and he has every reason to be. Once again, America faces a financial shortfall in the near future. In 2024, 21% of our nations budget was spent on Social Security and Medicare. The initial political response is to raise the retirement age (after all were are living longer), or cut benefits.
There is a third option few know about. There has always been a cap on income that can be taxed for Social Security. The reason few Americans dont know about the cap is that probably over 90% of you readers have paid Social Security taxes on every penny you have earned. Except for my time in Vietnam, I have also paid the maximum amount.
About ten years ago, I was talking with a young man who has his masters in computer engineering. The conversation drifted around to the ongoing issue of financing Social Security/Medicare. Both of us were aware of taxable income cap. He related a spare time project he and three other guys did while in graduate school. What if there were no taxable income lid? I asked, how many more billions would there be? He smiled and quietly said, Trillions. At that time, the cap was $106,000. Today, its $176,000.
So, is it right that while you and I pay on all our earned income and the wealthy pay such a very small portion of theirs, the program supporting seniors, widows and orphans starves?
John McEnelly
Huron
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