Two overshadowed vice presidential candidates briefly emerged into the media spotlight on Tuesday night. Their areas of agreement turned out to be more telling than their disagreements.
Moderator Elaine Quijano implied that Social Security faces a coming crisis, pointing to the future of the Social Security Trust Fund as if it were synonymous with the Social Security program overall.
The Trust Fund is expected to stay in the black through 2034, according to the most recent Trustees report. This does not mean that the program will go bankrupt or that there is an impending crisis when that day comes. The program will still be taking in enough money to pay most of its payments. And there’s a simple fix that would allow it to make 100 percent of payments for the foreseeable future.
Currently, the payroll tax only taxes income up to $118,500. Whether you earn that income or $10 million a year, only the first $118,500 is taxed. If we simply lifted the tax cap and taxed all income equally, there would be no issue making payments for decades.