in_the_media

Can social security be saved by removing cap on paycheck deductions?

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."