How I propose to amend Social Security so it will remain solvent for the next 75 years:
In 2018, the maximum amount of earned income (i.e. wages, salaries, tips, and self-employment income) subject to the 6.2% Social Security tax is $128,400. I would remove the cap/limit so that all earned income is subject to the same 6.2% Social Security tax. This would mean that every income earner would pay the same percentage of their earnings into Social Security. Why is it fair for the person who makes $25,000/year to pay 6.2% of their wages into Social Security when the person who makes $2,000,000 pays only .39% of theirs? The proportion each person pays should be the same.
In addition, I would also broaden the income subject to Social Security taxation by making not only all earned income subject to the Social Security tax, but also all unearned income from investments such as interest, ordinary dividends and capital gain distributions.
Next, I would exempt the first $30,000 of earned income from the 6.2% Social Security tax (thereby increasing take home pay for people making wages and salaries by $1,860!).
Finally, in addition to removing the cap, I would limit the amount of monthly benefits that single seniors with non-Social Security incomes over $125,000 a year and couples with non-Social Security incomes over $250,000 could receive.