Social Security is under attack by people who want us to believe the myth that it’s about to run out of money.
Although it’s on course to be fully solvent for over 25 years, we’re told by people who fundamentally don’t believe in the program that the only way to “save” it is to slash benefits, making it weaker and less effective.
But there’s a better way to deal with the manageable shortfall Social Security will face a generation from now.
Four progressive senators will soon introduce a bill that will ensure that Social Security stays fully funded for another 75 years by lifting the cap on the payroll tax that funds Social Security. It’s a simple and fair way to strengthen the program.
SIGN THE PETITION! Tell Senate Democrats: Support Social Security by co-sponsoring the “Keeping Our Social Security Promise Act.”
Right now Social Security is funded by a payroll tax that is capped at a yearly income of $106,800. In other words, billionaires like the Koch brothers pay the same amount in Social Security taxes as someone who makes $106,800 a year.
The “Keeping Our Social Security Promise Act” would change that by removing the exception for earnings over $250,000.
According to a letter from the senators supporting the bill (Sens. Bernie Sanders, Barbara Boxer, Daniel Akaka and Sheldon Whitehouse), the Chief Actuary of the Social Security Administration has projected that making this change will extend the solvency of Social Security for the next 75 years.
Social Security must be strengthened and preserved.
Faced with the choice of asking the richest Americans to pay a little bit more or slashing the already insufficient benefits that keep many of our seniors out of poverty, the choice should be clear.
