Would Taxing All Earned Income Resolve Social Security's Growing Cash Shortfall? The Surprising Answer...
For a majority of our nation's retirees, Social Security income is a necessity to make ends meet. Estimates from the Center on Budget and Policy Priorities show that 22.7 million people are lifted above the federal poverty line annually via their Social Security payout, including 16.5 million adults aged 65 and over.
Furthermore, 22 years of annual surveys from national pollster Gallup have found that between 80% and 90% of then-current retirees rely on their monthly benefit to cover at least some portion of their expenses. In other words, maintaining the stability of America's top retirement program is vital to the financial well-being of our nation's retired workforce.
Unfortunately, the foundation for this nearly 89-year-old program is weakening with each passing year. Current retirees and future generations of beneficiaries are looking to their elected officials in Washington to shore up Social Security -- and there appears to be a consensus on how best to "fix" this iconic program.
Source Fool.com
