Currently over Fifty Six Million (56,000,000) people are collecting Social Security Benefits. The Social Security Trust Fund is projected to run out of funds in 2033 and at that time projected tax revenues will not be enough to pay full benefits to all recipients. The current tax used to support the Social Security Trust Fund has an income cap of a little more than One Hundred Ten Thousand Dollars ($110,000) thereby shielding almost all of the top 4%'s income from contributing to the Fund.
Removal of this income cap on this taxation combined with a cap on benefits payable would result in a mass infusion of cash to the Fund and no significant increase in expenditures.
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