Congress shall remove the social security payroll deduction cap, which is now set at $110,000 per year. Congress shall change the percentages of allocation between Soclal Security and Medicare from 6.2% and 1.45% respectively to 5.0% and 2.65%. Alan Greenspan recommended these changes to ensure Social Security and Medicare solvency! This will significantly reduce the current deficits as well.
Why is this important?
Part of the issue with Social Security and Medicare solvency revolves around the Baby Boom generation which is beginning to retire. We need to ensure those systems are there for them.
