The people’s fix for Social Security

Posted in Around The Nation, Had Enough Yet? at 2:16 pm by wcnews

It’s shockingly simple and popular, Democrats hide when asked about ending high-income loophole to assure Social Security’s future.

For all the talk of the Social Security system running out of money, it is well established that raising or eliminating the cap on the wages subject to payroll taxes would guarantee a healthy Social Security system for many decades, and do so without cutting benefits or raising the retirement age.

Public support for elimination of the payroll tax cap is high. According to a National Academy of Social Insurance Survey conducted in 2012, 68 percent of Americans favor eliminating the cap.

Only the top 5.2 percent income earners would pay more in payroll taxes if the cap were completely eliminated; if the cap were eliminated for income over $250,000, only the wealthiest 1.3 percent would pay more. Both estimates come from the Center for Economic and Policy Research.

Nevertheless, these routes to ensuring the promises made to workers that they could rely Social Security benefits are kept is little discussed on Capitol Hill. And even though the national Democratic Party has presented itself as the defender of Social Security, Remapping Debate discovered a profound unwillingness among most Democratic senators to identify their position on the issue.

We rarely hear about this option in ANY media. Read more here, The People’s Choice for the People’s Pension.

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