Raising the cap on the Social Security tax may seem like an appealing idea-- but then when you break down the negative effect it would have on small businesses and how it would hurt our country's economic growth, you realize that having more people pay into a broken system is not the answer and this solution ends up hurting more than it helps.
The demographic problems facing the Social Security system have left politicians with the two options of either cutting benefits or raising taxes-- but these are not the only solutions. First, as mentioned in the above video, the first step to protecting our Social Security money is that Congress should stop raiding the Social Security Trust Fund, and actually set aside our Social Security money for Social Security, not their pet projects. The second step towards ownership and control over our retirement is personal retirement accounts.
Watch the video and decide for yourself if you think raising the Social Security tax cap is a good idea.
