[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/www.amorusolaw.com\/blog\/should-wealthy-pay-more-to-save-social-security-new-york-ny-greenwich-ct\/#BlogPosting","mainEntityOfPage":"https:\/\/www.amorusolaw.com\/blog\/should-wealthy-pay-more-to-save-social-security-new-york-ny-greenwich-ct\/","headline":"Should Wealthy Pay More to Save Social Security?","name":"Should Wealthy Pay More to Save Social Security?","description":"Social Security may run out of money in 2034 unless a solution is found to shore it up. Boosting taxes on the wealthy is proposed, but its success is questioned. The effectiveness of raising taxes on the wealthy to keep Social Security operating has been questioned, according to an article in Trust Advisor \u201cCan Taxing […]","datePublished":"2016-08-11","dateModified":"2023-09-21","author":{"@type":"Person","@id":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/#Person","name":"Amoruso & Amoruso LLP","url":"https:\/\/www.amorusolaw.com\/blog\/author\/amorusolaw\/","identifier":5,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/12de032c04195e9c39a06a6d6eea182f7b4fa655c20e245f8094a244b5cdd0cb?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Amoruso & Amoruso LLP","logo":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/07\/amoruso-logo.svg","width":0,"height":0}},"image":{"@type":"ImageObject","@id":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01b8d20d8b55.jpg","url":"https:\/\/www.amorusolaw.com\/wp-content\/uploads\/2023\/04\/6a01901dd0a082970b01b8d20d8b55.jpg","height":566,"width":849},"url":"https:\/\/www.amorusolaw.com\/blog\/should-wealthy-pay-more-to-save-social-security-new-york-ny-greenwich-ct\/","about":["Elder Law","Retirement Planning","Social Security"],"wordCount":185,"keywords":["Elder Law","Retirement Planning","Social Security"],"articleBody":"Social Security may run out of money in 2034 unless a solution is found to shore it up. Boosting taxes on the wealthy is proposed, but its success is questioned.The effectiveness of raising taxes on the wealthy to keep Social Security operating has been questioned, according to an article in Trust Advisor \u201cCan Taxing The Wealthy Save Social Security?\u201dThe reviewed proposal is a simple one: raise taxes. Currently, any income an individual makes that exceeds $118,500 is not subject to the payroll taxes that fund Social Security. Politicians have proposed eliminating that cap and taxing all income. According to the findings of the article, the proposal would not solve the entire problem, but it would reduce the expected shortage by 88%. However, that number has been disputed. If different assumptions are made, then different results can be produced concerning the effectiveness of the plan.Whatever the solution, it is obvious that something must be done about Social Security.Reference: Trust Advisor (July 14, 2016) \u201cCan Taxing The Wealthy Save Social Security?\u201dFor more information on elder law, retirement planning, and estate planning, please visit my estate planning website."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"Blog","item":"https:\/\/www.amorusolaw.com\/blog\/#breadcrumbitem"},{"@type":"ListItem","position":2,"name":"Should Wealthy Pay More to Save Social Security?","item":"https:\/\/www.amorusolaw.com\/blog\/should-wealthy-pay-more-to-save-social-security-new-york-ny-greenwich-ct\/#breadcrumbitem"}]}]