Question
Critically evaluate the arguments and policy considerations for modifying the cap on income subject to Social Security tax, including perspectives supporting the elimination or increase
Critically evaluate the arguments and policy considerations for modifying the cap on income subject to Social Security tax, including perspectives supporting the elimination or increase of this cap. Analyze the equity implications of addressing future Social Security demands through benefit reduction rather than adjustments to the income cap. Discuss the implications of categorizing Social Security as a private versus a public good, considering both the benefits and drawbacks of each perspective in the context of social welfare and economic efficiency.
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