As Social Security's funding problems loom ever closer on the horizon, the program has emerged as a pet project on many lawmakers' fix-it list.
Now in control of the House, Democrats have thrown their weight behind a measure that would extend and expand the program — largely by asking high earners to pony up, along with a gradual increase in the Social Security tax rate that applies to workers' income.
"Democrats have agreed that we should expand, not cut, Social Security and have the wealthy pay their share," said Nancy Altman, president of advocacy group Social Security Works.
Due to a variety of factors — including an aging demographic, longer life spans, lower birth rates and the widening income gap — the Social Security Trustees 2018 report projects that beneficiaries will see a 21 percent cut in benefits by 2034 unless Congress takes action to prevent the funding shortfall. The Congressional Budget Office's estimate is more dire, pegging the year at 2031.
More than 200 lawmakers, all Democrats, have signed onto the Social Security 2100 Act in the House. Introduced by Rep. John Larson, D-Connecticut, the bill would require that earnings above $400,000 be subject to the payroll tax that funds the program.
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12 comments:
From the underlying story:
"Currently, earnings above a certain level — $132,900 for 2019 — are not subject to Social Security taxation. This means someone who makes $132,900 pays the same amount into the program as someone earning, say, $1 million."
Well, duh. Someone who makes $132,900 also RECEIVES THE SAME BENEFIT as someone who earns $1 million. Social Security benefits are based on Social Security taxes paid in. To change to this scheme would make Social Security a welfare program, not a retirement program.
All BULLSHIT. Why CAN'T CONGRESS pony up social security to the amount that was in there at 1980?? Reverse what CLINTON did putting worthless WELFARE recipients on SOCIAL SECURITY. STOP giving benefits to illegals. Other than that is ALL BS. I wish Congress would STOP THINKING the American people are STUPID. If ANYTHING we know Congress is CROOKED.
I believe that they forgot to cite the ever-increasing number of "immigrants" that are coming into the country that are eligible for SS as well. Congress are the ones that messed it up to begin with during the Clinton era.
What about the drain on Social security by "disability". There are soooo many people receiving disability benefits that are not disabled. If we can put illegal immigrants through college free we need to fund social security that Obama depleted. Social security is not welfare. Americans paid into the program from day one of employment. It's time we were paid back.
What about the payments taken from Social Security fund for these welfare recipients that is not on SSI? What about all these illegals / non-citizens drawing from the Social Security fund? These payments should be stopped. That is money taken for non-SSI recipients. This also drains the SSI Fund from Seniors.
Actually, this doesn't look like such a bad idea if it's done right. And.. it would be a good time to clean up the program and fix the problem areas that allow 'disabled' people who really aren't to make it a permanent source of unemployment income. Significantly tighten up the eligibility for SSI so that people can't just find a lawyer and get it for being down and discouraged.
Another thing is the timing-- the dems seem to be onboard with fixing it. If it can be done right, that would be wonderful.
Nobody with a pulse can deny that SS is going down the tubes very soon if they don't fix it.
".. Why CAN'T CONGRESS pony up social security to the amount that was in there at 1980??..
Using what for money, 1:03? Your taxes, that's what. They spent that money a long time ago.
SSA and SSDI benefits are paid from funds paid in by the individual worker. SSI benefits are paid out from the general fund, i.e. taxes. The first two are NOT entitlements!
The Gov needs to Pony UP all the $$$$ they stole from us
since Johnson was POTUS , and never put back from our
Social Security money pot !!!!!
The small amount they pay out to us should be Triple by now
what it is !!!!
It should also be Federal & All tax FREE too !!!!
You must be OAC relative. Read your history books DUMBASS. In the 80's we were flush in social security. REAGAN took money out to out spend RUSSIA in the arms race. What happened?? Russia went bankrupt. In the 90's CLINTON replaced SOCIAL SECURITY recipients with WELFARE. Now we allow illegals to get SOCIAL SECURITY. Do you understand now?? Sorry to call you a dumbass. But your not the only one who doesn't know what they SPEAK.
ALWAYS BETTER TO KEEP YOUR MOUTH SHUT TO LET PEOPLE THINK YOUR A FOOL. THAN PROVING IT BY OPENING IT.
I understand that 4:14. But why CAN'T CONGRESS put it back?? They spend millions on illegals. They spent MILLIONS on Mueller investigation. They spend millions on frivolous law suits about his executive orders. With ALL that money alone may get back a large portion to start.
Our SS $$$ NOT the damn Govt's $$$$ Period !!!
It is the people's who paid in the damn $$$ like me & my
family , alot of whom died before they got ANY payout !!!!
It should stay in our familys & WE should be in control of it
Not the Govt !!!! When one dies, it gets passed down !!!!
Should be tax free with No restrictions on how much $$ you
can make . You should get Max @ age 62 and be allowed to make all you can or want to on top of that !!!!
NOONE else has any rights to my family's SS $$$ !!!!
Esp illegals & foreigners !!!!! & Our Govt !!!!!
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