Taxing the Top to Save Social Security: A Faustian Bargain? The recent bipartisan push to raise taxes on high earners to shore up Social Security's finances is a development that should be met with skepticism.
Lawmakers from both sides of the aisle are now singing in harmony about lifting the payroll tax cap, but this newfound consensus obscures a more complicated reality.
At its core, the proposal to lift the $184,500 cap on Social Security taxes aims to avoid benefit cuts for retirees and other beneficiaries.