In recent weeks, we’ve done a deep dive into the three steps of our plan to save Social Security. Without action, the future of the program is in jeopardy. Our plan is simple, and it’s one that we can all get behind.
By 2034, the Social Security trust fund will be depleted. This means that if we don’t take action now, future generations will not receive the same benefits that current seniors do. Our plan is to pay back the trust fund so that it can continue to provide for those who need it.
The Social Security payroll tax only applies to the first $147,000 of income. This means that if you make more than that, you’re not paying into the system. Our plan is to scrap the cap and have everyone pay their fair share.
3. End the “Carried Interest Tax Loophole”
The “carried interest tax loophole” allows hedge fund managers to pay a lower tax rate on their income than the rest of us. This is unfair, and it needs to end. Our plan is to close the loophole and use that money to shore up Social Security.
We’re confident in this plan, but we need your help! Adding your name to our online petition is the best way to make your voice heard. We offer a few ways for you to take action—and following The Seniors Center on Twitter and Facebook is one way to get involved.