Pro: Increase Social Security Revenue
Increased funding for Social Security is one of the main goals, no matter which plan gets passed by the government. Getting rid of the tax cut (or even just increasing the minimum taxable income) would ensure more revenue for the program.
As it stands, projections for Social Security do not look so good. The Social Security Board of Trustees claims that only 75% of costs will be covered by 2035 if changes are not be implemented soon. This along with the relatively low income retirees should expect from the program, is one of the reasons why financial advisors strongly suggest we should consider other forms of retirement income that can supplement our Social Security.
