HUMAN CAPITAL AND THE SOCIAL SECURITY TAX CAP
在一个包含异质性代理人内生投资风险人力资本的交叠世代模型中，评估取消社会保障工资税上限的收入潜力，发现取消上限虽增加社保收入但减少联邦所得税收入，且不足以抵消人口结构变化带来的财政压力。
Abstract This article assesses the revenue potential of removing the Social Security payroll tax cap. I do so within an overlapping generations (OLG) model featuring heterogeneous agents who endogenously invest in risky human capital. Removing the tax cap leads to a sizable increase in Social Security revenues, but also produces a decrease in federal income tax revenues. Taking both Social Security and income taxes into account, removing the tax cap does not raise sufficient revenues to offset looming demographic changes. One factor limiting revenue gains is that removing the tax cap reduces aggregate output, with human capital investment playing a central role.