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Republicans hope to limit the programs growing costs by raising the age threshold.
Only the first$160,200 of annual incomeis taxed for Social Security.
Nagatkin supports this approachs potential, explaining, Lifting thepayroll tax capcould provide immediate relief for beneficiaries.
However, lifting the cap may not be the answer in the long run.
If economic conditions deteriorate after the election, additional steps may be required to ensure the programs long-term sustainability.
Even the most ambitious Social Security plans would stall if the winning candidate doesnt have a supportive Congress.
Political power dynamics, experts say, are important.
This election will shape many years of economic welfare.
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