The Congressional Budget Office estimates that the amount of new revenue required to bring the Social Security trust fund into balance over the next 75 years would amount to 0.6 percent of G.D.P.
The same C.B.O. document presents a series of alternative ways to achieve such a goal, including the elimination of the current $113,700 cap on income subject to the Social Security payroll tax. If the cap or ceiling were lifted, the amount of money raised would be 0.6 percent of G.D.P., the exact amount of income needed to get Social Security out of the red — a striking coincidence.
Simply taxing the top 5.2 percent of workers at the same rate as everyone else would ensure the livelihoods of millions of seniors and eliminate a significant chunk of our projected deficits.
I’d like to clarify that when I say “ensure the livelihoods,” I mean that it keeps millions of seniors out of poverty: