Bernie Sanders Has An Amazingly Simple Idea To Fix Social Security For The Next 75 Years

[Selatius]

101. True, but a chunk of it is likely in the form of a salary.

If that billionaire had an office salary of 20,000,000, then the discussion would revolve around whether all of that 20,000,000 would be subject to taxation, or just the first 110,000.

To be frank, I would only favor a cap increase to about 150,000. I'll even break for 200,000 but not much higher. The point of the cap goes back to FDR himself. He reasoned that if there was no cap on Social Security, then it would look awfully funny to working class people for Social Security to cut monthly checks in the tens of thousands or even larger to millionaires in retirement when the point of Social Security was to guarantee security in old age to working class people and the working poor, the ones who are in real danger of dying in old age from hunger and homelessness.

By that point alone, those millionaires don't need to be getting checks of that caliber because Social Security would simply be redundant to them.