in_the_media
Can social security be saved by removing cap on paycheck deductions?
Posted Mar 11, 2013
Media Outlet:
Philadelphia Daily News
One idea to help save Social Security would be to remove a current cap that deducts 6.2 percent of each paycheck, with employers paying a matching 6.2 percent. Deductions are currently capped at $113,700 per person. "You either take in more money or decrease what you are paying out or both," said R.B. Drennan, chair of risk, insurance and healthcare management at Temple's Fox School of Business. "You need a plan that everyone hates. They might hate it but agree that it works."