How Wealthy Americans Can Help Save Social Security
Social Security is facing a funding crisis. Its trust funds will be depleted in less than 10 years, forcing it to cut benefits. There is a way to stop that from happening. According to an article in USA Today, the solution is to have wealthy Americans contribute more through payroll taxes.
Right now, workers only pay taxes on the first $176,100 they earn. Any income above that is not taxed. Raising the tax cap would increase revenue to bolster the Social Security trust fund without putting an extra burden on low- to middle-income workers.
This is one of the tenets of the Social Security Expansion Act. It calls for lifting the wage cap and subjecting all income above $250,000 to the Social Security payroll tax. Under this bill, over 91 percent of households would not see their taxes go up by one penny, yet it would sustain this critical program for decades to come.
The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
