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Three Ways Congress Could Close Social Security's Funding Gap
Original: Social Security’s Funding Gap: 3 Ways Congress Could Fix It (and What Each Costs You)
Social Security faces a long-term funding shortfall, and lawmakers are weighing options to fix it. The main proposals include raising the payroll tax rate, lifting or removing the cap on taxable earnings for high earners, and adjusting benefits such as raising the full retirement age or changing cost-of-living formulas. Each option shifts costs differently: tax increases hit workers and the wealthy, while benefit changes affect future retirees' payouts.
Why now: Renewed attention to Social Security's solvency projections has put the funding gap and potential fixes back in the policy debate.
Evidence
- Social Security’s Funding Gap: 3 Ways Congress Could Fix It (and What Each Costs You) · 24/7 Wall St.
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