17. The problem with raising or eliminating the FICA cap...
...is that we have to pay out proportional SocSec benefits to these same ultra-rich folks later on. Insofar as SocSec is "pay as we go", it may seem like a great idea in the short term, but it does eventually raise the problem of "means testing" a bond payment.
Social Security is far from the worst idea the Feds ever came up with, but it's a poor stand-in for a real federal-level social safety net with truly progressive taxation.
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