So if your solution to eliminating one tax is to add new taxes in other areas then why not just keep the original tax?
As I indicated, more than 70% of wage earners pay more in payroll taxes than income taxes. A different method of capturing revenue could lessen the burden on employers and employees. It could give people more net income and incentivize more business activity, here and competing abroad.
Medicare and SS are in the red, i.e., benefits exceed revenue. Shortfalls are made up by the trust funds. The Medicare trust fund (HI) will be exhausted in 2028 or earlier. SSTF in 2033. By law, benefits will be limited to the revenue received. Estimates are a 20% reduction.
Something needs to be done. The status quo is not an option. Trump is smart not to talk about entitlement reform now. He won’t repeat the Ryan mistake. Both parties must support reform jointly.