AFP - Social Security

Bernie Moreno's op-ed with Elizabeth Warren on raising Social Security taxes by eliminating the payroll cap

• Social Security really is broken — and not in a small way. Trust fund runs dry in 2032, six years out, and benefits get cut 22% automatically if Congress doesn't act. The program as designed cannot keep its promise.
• Moreno's "fix" only solves about half the problem by the government's own numbers. So we're talking real pain for not even a real solution.
• ATR ran the math: eliminating the cap means a 56% combined tax rate on Ohio small businesses, once you stack federal income tax, both sides of payroll tax, and state income tax. That's a more radical hike than even Bernie Sanders has proposed.
• Tax Foundation estimates this costs 1.3 million jobs and shrinks the economy by over a percent. So it doesn't just fail to fix Social Security, it actively hurts the economy that funds it.
• This isn't just us saying it. The pushback has come from across the spectrum: DeSantis called it a hammer blow to small businesses, Club for Growth's David McIntosh called it terrible and said "we gotta kill it," Senator Husted said he's not on board, and even Ben Shapiro, who campaigned for Moreno, says it's a bad idea. I put my own line out there too: another bad idea from the progressive left, and Bernie should stop taking their advice.
• Real issue is demographics, not revenue — way fewer workers per retiree than there used to be. No tax rate fixes that math.
• Better idea: let people own a piece of their own retirement, like we've done with HSAs, instead of taxing more to prop up a program that's structurally broken. Also, lets stop trying to get bi-partisan solutions out of far left progressives - especially if the far left is not even yielding something publicly in return.