There are several solutions to the problem of Social Security solvency. If action isn’t taken, Social Security could become insolvent in the next two decades. At The Seniors Center, we’re taking action by urging Congress to implement a Social Security solution that would benefit us all: scrapping the cap.
What is the Social Security Cap?
The Social Security tax cap is the limit on how much income will be subject to the payroll tax. Currently, any income over $176,100 isn’t taxed for Social Security. This means that those making more than this amount don’t contribute anything towards others’ benefits.
“Scrapping the cap” refers to the removal of the Social Security tax cap so that all wages are taxed for Social Security regardless of how much someone makes.
Scrapping the cap would ensure equality in taxation and help to extend solvency, as it would increase revenue and provide resources to restore the Trust Fund. According to Yahoo! Finance, this could generate “substantial revenue over time,” a sorely needed solution to Social Security’s funding woes.
Help The Seniors Center Protect the Future of Social Security
The Seniors Center is committed to finding solutions to strengthen and protect the Social Security Trust Fund. Social Security is a contract between citizens and the government. Money deposited in the Trust Fund should only be used to pay benefits to eligible recipients.
The Seniors Center is demanding Congress finally put a stop to the careless borrowing and spending by greedy politicians that has put our Trust Fund and our secure retirement in jeopardy.
At The Seniors Center, our goal is to help seniors, and we’re doing that by protecting the future of Social Security. Retirees shouldn’t have to worry about losing their hard-earned benefits to taxes or the agendas of greedy politicians. If you agree, we invite you to sign our petition today! And follow The Seniors Center on Twitter and Facebook for more updates!
