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A Question about Social Security [1]
['This Content Is Not Subject To Review Daily Kos Staff Prior To Publication.']
Date: 2025-04-04
I must confess that I don’t know a lot about how funding Social Security works. I do know that only Congress can adjust the annual Social Security tax cap of $176,000. But can they create a “donut hole” by ending contributions at a much lower figure like $50,000 and then beginning again at, say, $500,000 a year up to some figure in the millions, ensuring that Social Security would remain solvent for many years? If that is possible, it would seem to me that Democrats in Congress should adopt the concept and sell it like crazy. It would get support from people earning between $50-176K annually since it would mean a sizable tax cut (6.2%) for them. And most of the people in that income bracket vote and most of them would vote for Democrats in order to make it happen. So my question is twofold. First, is it possible to do? Second, would it be a good idea to do?
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