OPINION: Saving America’s retirement plan is one of the biggest issues we’re facing. Here are some possible solutions, from a wealth tax to welcoming more immigrants:
The latest report from the Social Security Administration trustees says the fund is now $20 trillion in the hole and will be empty by 2034. The Congressional Budget Office puts the date even earlier, at 2032. Saving America’s retirement plan is one of the biggest issues we’re facing.1. Make the self-employed pay their taxes. We can fill some of the funding hole just by making sure all the self-employed pay their share.
5. Raise the tax cap. Currently, Social Security tax is only levied on incomes below $142,800. It is not true—media please note—that those earning more than that don’t pay the tax at all. But they don’t pay the tax on everything they earn over that. One problem Social Security’s had is that people earning more than that have seen their incomes rise faster in recent decades than everyone else. President Biden wants to change that, but only on incomes over $400,000.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Severe Brazil drought reignites debate over daylight savingBrazil is in the throes of its worst drought in 91 years, which has returned the specter of power rationing.
Read more »
SEC Chairman Gensler suggests college students start saving early and ‘earn maybe 8%’; the crypto community was irked“If you were to save $5 a week, and you earn maybe 8%. Starting off while you’re at college, you may have $130,000 plus saved by the time of retirement at 65,” SEC Chairman Gary Gensler said.
Read more »
Doctors Warn Of Future Disease Outbreaks As Kids’ Vaccination Rates Drop'It’s got a lot of us, quietly behind the scenes, very worried about outbreaks of some of these other diseases,” said one pediatric infectious diseases specialist.
Read more »
Done with Facebook? Here's how to deactivate or permanently delete your Facebook accountWhether it's to avoid political rants or you worry about how your data is managed, it is easy to delete Facebook if you're ready to leave.
Read more »
Yankees Fans Were Worried About the Wrong ThingsThe Yankees were a popular pick to win the American League pennant. Now they're fighting for their playoff lives. joedelessio writes on how we got here
Read more »
Opinion: Congress saves a controversial tax ‘loophole’OPINION: Lowering the $11.7 million threshold on inheritance tax is more rational than the carry-over basis.
Read more »