Letter to the Editor/ July 6, 2025/ Monterey Herald

The June 29 article from the Los Angeles Daily News (“Social Security, Medicare clocks tick to depletion”) presents a scary scenario in which Social Security and Medicare will not be able to pay full benefits by 2033. Unfortunately, the editorial lacks any good solutions. It failed to mention the cap on Social Security income. At this time, taxpayers earning above the cap, $176,100 in 2025, will not pay taxes for earnings  beyond that cap. Elon Musk, Jeff Bezos and their rich friends are saving a lot of money while social security funds are being depleted.

As the rich have become far richer in recent years, more of the nation’s total income has escaped the Social Security payroll tax. One plan introduced in Congress would eliminate the cap on earnings over $250,000 and also subject investment income to Social Security taxes. It’s estimated that this would extend the solvency of Social Security for 75 more years without raising taxes on 93% of American households. 

Yes, there are solutions to ensure we will receive what we are entitled to, but Congress would have to get involved. Good luck with that.

–Arlen Grossman