To shore up the Social Security program lawmakers will need to make some changes — raise taxes, cut benefits or do a combination of both. One suggestions is to increase taxes for higher wage earners. This CNBC article take a closer look at the proposed tax changes.
Covisum Founder and President Joe Elsasser, CFP®, was interviewed for the article.
"Eliminating the cap was once enough to remove the deficit. Now, even if all wages are taxed, it only covers 60% to 70% of the shortfall. Each year we delay reforms, the cost to have tax revenue on current workers meet the need indefinitely goes up."