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How worried are America’s wealthy about the possibility they’ll be hit with a higher tax for Social Security? Plenty, judging from the endless creativity of their proposals to improve the program’s fiscal condition by cutting benefits rather than raising revenue (typically from our most affluent taxpayers). The latest run at this fence comes from the Committee for a Responsible Federal Budget (CRFB), which is linked to the late billionaire hedge fund operator Peter G. Peterson. The committee’s proposal, dubbed the “Six Figure Limit,” would cap annual Social Security benefits at $50,000 per person, or $100,000 per couple. This proposal is part of the enduring Republican and conservative project to protect the rich from paying taxes to cover their fair share of social programs. As Nancy Altman, president of Social Security Works, explains, this is a benefit cut. The CRFB manifesto asserts that the cap would reduce federal borrowing and encourage retirees to rely more on personal savings and investment returns. However, this ignores the impact on middle- and working-class households, who may struggle to meet everyday expenses without Social Security. The committee’s claim that only a small fraction of retirees currently receive benefits of $50,000 or more is misleading because the cap will eventually affect more retirees due to inflation and economic growth. The CRFB’s proposal is criticized for its lack of transparency. It claims the $100,000 cap will become increasingly common, but this ignores the role of economic growth in raising average wages. Social Security advocates argue that the proposal is a Trojan horse for means-testing, which would save little money unless benefits are cut at very low incomes. The committee’s reliance on outdated research and vague comparisons to other countries further weakens its arguments. The core issue is that proposals like this aim to spare the wealthy from an increase in their Social Security payroll tax. The current tax cap of $184,500 means that high earners pay significantly less, with the rate dropping to zero on incomes above that cap. This creates an unfair advantage for the wealthy, who often have untaxed investment income. Addressing this would require a tax hike on the wealthy, which is politically unpopular. The Washington Post editorial board’s claim that nobody needs over $100,000 per year in Social Security benefits is flawed. Social Security is social insurance, not welfare, and it provides critical income replacement for retirees. The CRFB’s arguments are based on misconceptions about the program’s generosity and its role in protecting against poverty in old age.