With the recent release of a report claiming that Social Security will be insolvent if a few years, I can't help but wonder why the income cap is so low. It seems like $176,000 as the cut off to pay into Social Security is incredibly low. I can't help but think that raising the cap to $1,000,000 in income wouldn't make sense.
Beyond simply saying that we don't want more taxes, what it the rationale for keeping the limit so low.
I'd prefer not to pay more taxes either, but I'm thinking that an insolvent Social Security system is probably going to cost taxpayers quite a bit as well.
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