Have just learned from @roddreher that Warren Farha, the founder of Eighth Day Books has passed. Warren Farha was a great man of God. The Lord surely greeted him with, “Well done, thou good and faithful servant.” He was also a dear, dear friend. He was kindness personified.
The federal rules governing these plans had such elaborate requirements, including insisting on fiber and that every locality had to be serviced at the same time (instead of rolling the service out locality by locality as a real business would do), that the program was entirely unworkable. The Trump administration prevented this Rube Goldberg plan from being enacted for the very good reason that it was unnecessarily expensive and unworkable—like California’s train to nowhere. The reset gives the project a chance to work by eliminating unworkable regulations.
@tonydokoupil Millions are rooting for you, Tony, and @bariweiss. How great it would be for a sea change to occur among legacy media, where events and issues are presented straight-up.
@BenSasse What a tremendous witness your life has been and continues to be. I am praying for you and yours and that you’ll feel God’s love every step of the way.
@USAmbIsrael Ambassador Huckabee - here’s something to cheer you on in your mission. It’s about our responsibility as Christians to love the Jews and recognize God’s promises to them. https://t.co/g0QdBG25OJ
@PaulinaJayne Paulina, I sent you an invitation via email. It went both to Tess and you—I don’t know if your emails remain the same. If not, please contact me at [email protected].
@elonmusk Appreciated what Doge is doing. But entitlement restructuring and asset sales are essential to putting the nation’s finances in order. Even the President. for all his daring, seems content to let demagoguery prevail until the crash comes. I suggest, as a first step, removing the caps on Social Security taxes. Let everyone contend with the fiscal gravity that absorbs the discretionary income of most.
Here’s some math. It’s daunting. Combining the three measures—removing the payroll tax cap, means-testing benefits for those earning over $200,000 annually, and imposing an 18% tax on income above $500,000 from all sources—would likely eliminate a significant portion of Social Security's projected funding shortfall over the next decade. Here's an estimate based on available data:
1. **Eliminating the Payroll Tax Cap**: Taxing all earnings at 12.4% could close about 53-55% of the funding gap, reducing the shortfall by approximately $2.2 trillion over 10 years.
2. **Means Testing Benefits**: Phasing out benefits for individuals earning over $200,000 could save an additional $100-$150 billion over a decade.
3. **18% Tax on Income Above $500,000**: Applying an 18% tax to all income above $500,000 (including capital gains) would generate substantial additional revenue. High-income earners derive significant income from wages and investments; taxing this group more heavily could raise hundreds of billions of dollars annually. For example, taxing just capital gains at higher rates has been estimated to raise $100-$150 billion per year under similar proposals.
### Combined Impact
Together, these measures could address roughly 80-90% of the projected shortfall over the next decade, depending on economic conditions and behavioral responses (e.g., tax avoidance). While exact figures depend on implementation details, this approach would bring Social Security much closer to long-term solvency.
Sources
[1] Social Security's Funding Gap is 1.2% of GDP — Here's How We ... https://t.co/6XSUmAE7Hn
[2] Social Security Report Projects Trust Fund Shortfall in 2035 - AARP https://t.co/sR3Q3eIdsS
[3] Social Security expected to run short on funds in 2035, government ... https://t.co/moHqcALNz8
[4] Changes Americans would make to close Social Security's financing ... https://t.co/Shx7glyIIC
[5] Fixing Social Security - Brookings Institution https://t.co/auBORhX74K
[6] Research: The Future Financial Status of the Social Security Program https://t.co/dQ3tvwmxmm
[7] Trustees Report Summary - SSA https://t.co/buJjObFq0M
[8] Proposals to Change Social Security - SSA https://t.co/um2GzgmJbq