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David Schweikert: “Tax people on every dime above that [Social Security cap] to…”

Featuring: David Schweikert, Republican | U.S. House, Arizona, District 1

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David Schweikert's Address on Economic Challenges and Policy Solutions

Published | Video Starts at 14:55

Well, for Social Security, just raise the cap, okay? And don't give any benefits. That's the other part. Keep the benefit formula at where it is today. Tax people on every dime above that [Social Security cap] to put the full, what, 12.4% Social Security tax on it, but don't give any benefits for that. It only covered 38% of the shortfall. And that first full year, I think we were modeling it for 2034, that first full year, the shortage that if you said, well, we'll just pay for it out of the general fund, I think was $608 billion. (14:55)

CLAIM

Asserts that taxing income above the Social Security cap without additional benefits covers only 38% of the shortfall.

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