The Social Security retirement and Medicare Hospital Insurance trust funds are approaching insolvency, with depletion expected in seven years.
Without action, retirees face a 24 percent benefit cut in 2032, and Medicare hospital payments would be cut by 12 percent.
Replacing the employer side of the payroll tax with a flat Employer Compensation Tax on all employer compensation costs is a new alternative.
This approach is suggested in the Trust Fund Solutions Initiative white paper as a way to boost revenue.
Autor's resume: New tax to save funds.