Should high earners support scrapping Social Security’s taxable earnings
Social Security
Trade
Assault on agencies
#JobsDay?

Earnings above a cap aren’t subject to the payroll taxes that fund Social Security. As a result, billionaires pay the same tax as someone earning $176,100 in 2025.

“Scrapping the cap” is a popular and effective way to address Social Security’s funding gap. Nearly three-fourths of Social Security’s projected long-term shortfall would be eliminated if the cap were scrapped without increasing benefits.

Should high earners oppose such a move? The answer isn’t what you think.

Trump replaced NAFTA with the United States-Mexico-Canada agreement in 2020. But his USMCA has failed to make trade work for North American workers.

The U.S. trade deficit with Mexico and Canada has widened; U.S. manufacturers have shed jobs as the wage gap with Mexico continues to fuel offshoring; and loopholes Trump left in the deal allow imports from China to masquerade as “Made in America.”

With USMCA up for its 2026 sunset review, we propose leveraging this opportunity to cement a model that protects workers and preserves the mutual benefits of trade.

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Independent agencies were carefully designed by Congress to ensure that those charged with safeguarding critically important public interests would act to serve the public good, not the president’s political needs.

Today the Supreme Court will hear arguments that could, as NPR describes it, “end the independence of independent agencies.”

It doesn’t have to be this way →

In normal times, today would have been a jobs day.

However, the Bureau of Labor Statistics (BLS) has been forced to delay the release until December 16 due to the lingering impacts of the Trump administration radically restricting BLS operations during the government shutdown. BLS also announced that the October monthly survey of households will not be released.

This is the first time in 12 years that a jobs report was delayed and the first time a month of household data will be missed completely. Read more

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