As the program approaches a benefit shortfall, lawmakers have a few options to shore it up: raise taxes, slash benefits, or do a combination of the two.
Many Americans support the concept of making higher earnings pay more into Social Security.
Here’s what a move like this could mean for the program and its participants.
President Joe Biden recently suggested a so-called billionaire minimum income tax in his 2023 yearly budget, which would raise taxes on the country’s wealthiest households.
People with a net worth of $100 million or more would face a 20% tax on their whole income, including unrealized appreciation, under the idea.