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The United States will need 7 million migrants to cover old age support programs for baby boomers
(english.elpais.com)
this post was submitted on 22 Jun 2024
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Or eliminate the cap on the tax so they actually pay their fair share. That would fix all the problems that Social Security and Medicare have in an instant.
Removing the cap would go a long way, but it's not enough by itself. We'll still need more people, or a time machine with a fertility clinic in it. From what I can tell, boomers seem to be thinking we're going to find that time machine somehow.
I've never seen any math that disproved that. Now if you're looking at actual federal income tax paid, maybe, but social security tax is based on income, it doesn't get reduced by often fraudulent deductions and credits. So a lot more income is taxable under social security tax than federal income tax which is laden with loopholes and complexities. So when Jeff Bezos in 2007 paid $0 in income tax, he likely would have paid tens or hundreds of millions in Social Security tax if there wasn't a cap, because he did have income. Of course, we aren't legally able to get the actual numbers because of privacy laws, but there have been some leaks recently if you want to see some of the numbers.
And the guy who leaked the tax info of the billionaires got sentenced to prison beyond the maximum threshold - because the judge explicitly wanted to make an example of him.