There is growing concern about the amount of Social Security benefits that will be available in the future. An annual Social Security statement includes the following disclosures:

Social Security benefits are not intended to be your only source of income when you retire. On average, Social Security will replace about 40 percent of your annual pre-retirement earnings. You will need other savings, investments, pensions, or retirement accounts to live comfortably when you retire

* Your estimated benefits are based on current law. Congress has made changes to the law in the past and can do so at any time. The law governing benefit amounts may change because, by 2035, the payroll taxes collected will be enough to pay only about 80 percent of scheduled benefits.

The income thresholds that are used to determine the taxable portion of Social Security benefits have not changed since 1984. The impact of not increasing these thresholds as wages have increased over time has not only increased the taxable portion of benefits but also increased the number of taxpayers that pay tax on their benefits. This is expected to continue to increase over time.

Clearly, there are serious issues related to Social Security. Taxpayers are contributing to the Social Security Trust while theyre working via payroll taxes, and also when they are retired via income tax on the taxable portion of their benefits, yet it is still expected that there will not be enough funds to fully cover the scheduled benefits in 14 years.

The solution to this problem is not going to be an easy one, as many taxpayers struggle to make ends meet while paying the current payroll taxes. Although retired Americans are below the income thresholds to have any portion of the SSB taxed, a reduction of 20% on an already low benefit will surely be devasting.

What is your opinion on the following proposals? Remember, in reality, you are trying to solve two problems. Ensuring that retired Americans are not forced into poverty, while also not making it more difficult on working taxpayers to survive financially.

Increase the income thresholds that are used to determine the taxable portion of Social Security benefits, so fewer Americans pay income tax on their benefits?

Increase the FICA tax on working taxpayers and their employers in order to increase the balance in the Social Security Trust?

Remove the annual ceiling on the OASDI portion of the FICA tax, so high earners pay tax on all their wages?

Require wealthy corporations to contribute a higher amount for the employer portion of the FICA tax than other entities, such as sole proprietorships?