How to save Social Security without raising taxes, cutting benefits

All income should be subject to Social Security taxes, with the exception of retirement and disability income.

This means if you get $5 million in stock options, you pay taxes on that full amount. If you make $2 million a year, you pay Social Security taxes on the full amount. If you earn $1 million singing for a sold-out crowd, or $80,000 giving a speech, you should pay Social Security taxes on the full amount — before you collect.

Rather than cut services or raise taxes, the federal government should just tax all earned income for Social Security, with no caps on earnings. There’s no cap on how much income is subject to the income tax. Why is there one for Social Security?

This story was originally published December 21, 2017 at 10:15 AM with the headline "How to save Social Security without raising taxes, cutting benefits."