How to Deal With Social Security’s Rising Costs
To the Editor: Re “It’s Hands Off Social Security as Costs Grow” (front page, Feb. 16): Social Security is a self-financing stand-alone program.
It has its own dedicated tax: the F.I.C.A. Social Security is separate from the rest of the federal budget and does not contribute to that budget’s fiscal deficit.
It is undeniable that Social Security is facing a shortfall in revenue. But it is an easily resolvable problem with any number of fixes that do not require benefit cuts, including removing the cap on taxable employment income ($160,200 for 2023) and, more significantly in terms of revenue generated, beginning to tax investment income for Social Security purposes — the major source of income for the uber-rich.
James W. RussellPortland, Ore.The writer, an affiliate research scholar at Portland State University, is the author of “The Labor Guide to Retirement Plans.” To the Editor: Re “The G.O.P.’s War on Medicare and Social Security,” by Paul Krugman (column, Feb.
