Former Social Security Commissioner Wants to Save the Program by Taxing the Rich. Here's the Problem With That.
Supporters of this approach aren't telling the whole story.
Overview
Scary Social Security headlines have been making the rounds for weeks now in the wake of the latest Trustees' Report's findings. The program is now just six years away from a benefit cut that could cost all seniors 22% of their checks, unless Washington acts to prevent this.
While Congress has yet to come up with a workable strategy, the solution is obvious to former Social Security Commissioner Martin O'Malley, whose plan will no doubt resonate with millions of Americans: Make the wealthy pay more. But there's one big problem with this approach that O'Malley and other supporters don't like to acknowledge.
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Details
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Originally published at www.fool.com.
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