True.
My 'why not both' druthers would be to both increase the wage cap and expand the net investment income tax (it could even be made progressive!). Both moves also would at least partly break the crazy taboo against raising taxes on anyone short of upper-upper-middle-class incomes.
I'm generally in favor of raising the social security tax cap. But as Ch. 5 of HTTtU explains, the ultrarich don't have much in wages & can readily convert what they do have to something else. Just raising rates probably won't get us a fully fair tax system.
rooseveltinstitute.org/wp-content/u...
