Senator Warren, let’s make this simple: Is Social Security about taxing someone or is it about benefiting someone?
Right now, a worker making $184,500 pays Social Security tax up to that limit and maxes out their future payout at around $4,152 a month. Meanwhile, someone earning a million dollars a year also stops paying taxes at that exact same $184,500 limit and under current law gets the exact same $4,152 maximum payout.
They are capped at the same maximum tax contribution and they receive the same maximum benefit. If you want to uncap the taxes for high earners, are you changing Social Security from an insurance program into a penalty tax, or are you going to start writing millionaires proportional, multi million dollar monthly checks?