What It Will Take to Get Washington to Agree on How to Fix Social Security
There are very few things our leaders in Washington can agree upon, but both parties seem to align in acknowledging that something needs to be done to shore up Social Security. If they continue to bury their heads in the sand, the trust fund will continue to drain. That would result in benefits cuts, as soon as 2035. No lawmaker wants that to happen because, ultimately, they need to keep their constituents happy so they can stay in office — and the people want and need Social Security.
CNBC looked into some of the bills that have been floated and what it will take to get lawmakers on both sides of the aisle to agree and finally enact one.
The Seniors Trust favors the Social Security Expansion Act. It promises to extend the solvency of the Social Security trust fund through 2096 by requiring the wealthiest Americans to pay their fair share. This legislation would lift the income tax cap, which currently stands at $147,000, 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. That’s something we can all stand behind — and Congress should too.
