Truth is that the US tax system is going to need a revamp before 2030s 💰

There is a lot of talk about the Trump tax code being made permanent but nothing is permanent in the law, even if there is no set out, explicit sunset date in the tax code. But it’s not permanent or necessarily long lasting.

Social security needs more money to keep paying out the promised benefits with more people retiring and costs going up in the program. While Congress can do a year by year transfer from the General Fund to cover the gap, that is not a sustainable option. They need to consider tax collections and how to get more revenue into the system.

There are many ways they could address the shortfall. Benefit cuts are possible but likely very unpopular as people have paid into the system their whole lives. A carbon tax is an option as is boosting taxes on the wealthiest individuals and corporations. Or they might choose a broader tax that taxes workers more though that would likely be the second least popular option after benefit cuts.

We know what’s in the tax levels are today. But all tax laws are subject to change based on the party in power and ultimately public opinion and the voters who elects these leaders.