Here’s One Situation Where Most Americans Want to See Taxes Increase

By now we all know that Social Security is facing a severe solvency issue. Its trust funds are predicted to be depleted in less than 10 years, resulting in significant cuts in benefit payments unless lawmakers intervene with a plan to increase revenue.

According to a survey from the National Academy of Social Insurance (NASI), a large, bipartisan majority of Americans favor raising taxes to strengthen Social Security’s finances and avert benefit cuts. “Social Security at 90: A Bipartisan Roadmap for the Program’s Future” reports that 85 percent of those polled said benefit levels should be maintained or increased even if it means higher taxes for some or all Americans. 

A United Nation

While this country seems to be divided on so many issues these days, this survey found that virtually all Americans want their Social Security benefits to be preserved and are willing to do whatever it takes to ensure the program continues even if that means higher payroll taxes.

Americans unanimously view Social Security as critical to their future financial well-being. In fact, 82 percent of survey respondents who do not yet receive Social Security benefits consider the program to be “important” or “very important” to their retirement.

A Solvency Solution

There is already a plan in place that would do just this without impacting working-class Americans. Rather, the Social Security Expansion Act will require the wealthiest Americans to pay their fair share. This landmark legislation would lift the income tax cap and subject all income above $250,000 to additional Social Security payroll tax. Under this bill, more than 93 percent of households would not see their taxes go up by one penny.

Additionally, the Social Security Expansion Act would expand Social Security benefits by $200 per month across the board.

Is this something you can get on board with? Join The Seniors Trust in calling on Congress to enact this important piece of legislation. You can show your support by signing our petition.