New proposal would cap Social Security benefits at $100K for wealthy couples

Social Security is facing the threat of insolvency in less than a decade, and a new proposal would cap the amount of Social Security benefits that a couple could receive each year at $100,000.The aging of America's population is draining the balance of Social Security's main trust fund, which is projected to be depleted in 2032. Funds for Social Security benefits are drawn from the trust fund along with payroll taxes, and they would be automatically cut by law at the time of insolvency to match incoming revenue, reducing benefits by an estimated 24% across the board.The nonpartisan Committee f...

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