A new budget by a large and influential group of House Republicans calls for raising the Social Security retirement age for future retirees and restructuring Medicare.
For Social Security, the budget endorses “modest adjustments to the retirement age for future retirees to account for increases in life expectancy.” It calls for lowering benefits for the highest-earning beneficiaries. And it emphasizes that those ideas are not designed to take effect immediately: “The RSC Budget does not cut or delay retirement benefits for any senior in or near retirement.”
Biden has blasted Republican proposals for the retirement programs, promising that he will not cut benefits and instead proposing in his recent White House budget to cover the future shortfall by raising taxes on upper earners.
And if we take both your comments together, we end up with “should we get rid of the cap so the rich pay a fair share or keep it and collectively pay for things by way of inflation?”
Personally, I’m all for uncapping it.
It’s not about the rich paying their fair share.
We need to tax them specifically to reduce their insane power in our system.
The federal government doesn’t need them to finance a damn thing. It can finance anything it wants to with the stroke of a pen.
We are not reliant on the rich.
The problem with the latter is honestly that inflation hurts the poor a lot more than it does the wealthy and if anything, gives the wealthy a lot more power. Power is really the issue here- when the rich have the ability to override democracy by spending money, that’s a big damned problem