Social Security faces significant challenges, and a pay-roll tax increase could be part of the solution. A small, gradual hike would help stabilize the program. Some critics view this as unpalatable due to concerns about fairness.
President Biden’s proposal for lower-income households is sensible, but it limits comprehensive plans for Social Security reform. Without increased revenue, benefit expansions may lose their sustainability after a short period.
To address these issues, policymakers must find a middle ground that balances competing priorities. A modest pay-roll tax hike would provide the necessary funding to shore up the program without exacerbating existing economic concerns.
Source: https://www.marketwatch.com/story/a-social-security-payroll-tax-increase-should-be-part-of-the-solution-ac41cc36