Increase the Limit on Taxable Earnings
Increasing the limit on taxable earnings could similarly increase payroll taxes that in turn will increase inbound cash flows in Social Security.
Increase Taxation of the Benefits
Again, this means that an increase in tax paid by the workers could increase the inbound cash-flows in Social Security, thus providing them with an increased cash sources.
Raise the Retirement Age.
Raising the retirement age would mean providing the Social Security with more period to use and grow its finances.
Change Investment Procedures
The way that the Social Security invests its finances may have flaws. Thus, changing and improving its investment procedures may provide better revenues.
Will the Proposed Changes Work?
Some of the proposed changes may work and some may not. Those that concerns an increase in the obligations paid by the workers to the Social Security will certainly cause issues and contradictions from the workforce. This is because some of the proposed solutions mean additional barrier to the workers. For instance, the proposed solutions of increasing payroll taxes, increasing limit on taxable earnings, and increasing taxation on benefits would mean less net amount in their salaries. Arguments may include question such as "What benefits will the workers get should there be an increase in taxes?"
The raising of retirement age is another solution that will certainly be rejected by the workers because it means a delay in receiving the benefits that they should get. However, other solutions such as changing the investment procedures may work. There may be ways that can increase the...
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