Are Tax Hikes the Only Solution to Social Security's Impending Financial Shortfall? | The Motley Fool

Contributing sentiments towards policy:

61% : But once those trust funds run dry, Social Security may have to slash benefits to the tune of about 20%.
61% : Raising that tax rate is another option for giving Social Security the cash infusion it needs.
61% : But the reality is that lawmakers have to do something to help ensure that Social Security is able to remain solvent and keep paying benefits to the best of its ability.
56% : Thankfully, Social Security has some cash reserves on hand to tap, known as its trust funds.
55% : Social Security needs to see its revenue increase.
55% : Another idea, of course, is to just raise the tax rate for Social Security universally.
54% : But all told, there's a strong chance that Social Security will have to cut benefits unless lawmakers manage to come up with a way to pump money into the program.
54% : Right now, workers are subject to a 12.4% tax rate for Social Security, and those who are salaried split that with their employers evenly.
54% : Full retirement age for Social Security purposes is currently 67 for anyone born in 1960 or later.
52% : So one idea that might help Social Security maintain its solvency is to push full retirement age back to 68 or 69 (or even 70), thereby compelling workers to stay in the labor force longer.
51% : Right now, workers only pay Social Security taxes on their first $160,200 of income.
50% : Is there a way to get around raising taxes?Social Security is on the verge of a major financial crunch.

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