Zelity also points to the "aging population" and the rising costs for Social Security and Medicare. Fifteen years ago when he was on his way to the White House, Barack Obama said that the first $250,000 of income should be subject to the Social Security Tax. Said Zelity, “One of the possible remedies would be to increase the revenues in the Social Security system." “But these tax cuts have not been helpful. The problem is that the economic growth projections that are often used to justify these cuts are highly uncertain.

Source: Wall Street Journal May 14, 2023 22:04 UTC