Reform Social Security Before It’s Too Late
Dear Editor,
As a senior citizen, I am writing to express my wholehearted support for Social Security reform, particularly in light of President Biden’s proposal to raise the income threshold subject to taxation from $169,200 to $400,000 — a move commonly referred to as “Scrap the Cap.” This initiative enjoys bipartisan backing from the American public and stands out as a promising avenue for securing the future of Social Security.
An alternative proposal worth considering (and favored by the GOP) involves a gradual increase in the full retirement age, with a one-month delay every two years. If implemented, individuals drawing benefits in 2025 would need to be aged 67 plus one month, and this incremental adjustment would continue every two years thereafter. A parallel adjustment could be applied to the age for early retirement, ensuring a balanced and phased approach to addressing the challenges facing Social Security.
Additionally, Congress could explore raising the Social Security tax rate paid by workers from the current 6.2 percent to 6.5 percent. While admittedly less popular, this measure would inject much-needed funds into the system, contributing to its long-term sustainability.
The urgency of these reforms cannot be overstated. Without prompt action, the system faces an impending crisis, a scenario that would be detrimental to seniors and future generations alike. It is crucial for Congress to prioritize and enact these reforms swiftly to ensure the continued viability of the Social Security system.
James Bennett
I have been told since I was in college in the late 80’s that social security was going to fail without major changes. While minor changes have taken place, the real changes that James mention have too scary for most politicians. Takes real political courage to make such changes. Niki Halley has had that courage to discuss the real complexity and offers a plan to address. That is the leadership we need. Vote for Niki…the rational conservative.
And maybe try to keep the govt from stealing your money from SS for other programs…they have done it in the past.
From the beginning. The Govt has spent the money for general purposes from the get go.
Or we could stop sending money to other countries until we take care of US citizens first. No, that would make too much sense.
Absolutely correct James, and while we’re at it let’s get Congress to fully fund Social Security and keep their fingers off it in the future!
Congress has no way and no ability to fund Social Security. Only taxpayers can do that. Congress has no money except what they extract from us by force and coercion.
“Scrap the cap” would indeed be a move to make the wealthy ” pay their fair share”. I might suggest that there be no cap at $400,000, indeed for those making more than $400,000 a year their rate would increase to 7 or 7.2% for earnings over $400,000. This would infuse much needed cash into the Social Security system and indeed would make the wealthy pair a fair share.
Of course that is a pipe dream since our millionaire class legislature would never vote to reduce their bottom line, nor would their wealthy lobbyists endorse that. Needless to say, Joe Bidet would never ever sign a law that would diminish the income from his crime family….
We already pay a SS tax in excess of 12 percent. That part that is said to be paid by the employer is a tax on our earnings. It’s money we work for and don’t get, and if we didn’t work for it, it would not be paid into the money pit called the US Treasury.
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Correct Wayne!
The truth is that everyone who works in this country has 12.4 % of EVERY DOLLAR they earn taken from them to support the elderly, regardless of their wealth (they are the wealthiest age group).
It’s so regressive that even an individual making just $10,000/year will have $1240 taken from them.
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This is a tax on the FIRST dollar you earn, no deductions. Self-employeds pay the entire 12.4%, not half of it. So if you made a net of $50,000, $6,200 is taken in SS taxes, right off the top.
They come for you in so many ways, it is no wonder a couple or family can’t make it on that anymore.
What a racket.
— PLUS another $1450 in Medicare Tax, on every single dollar you make.
The Feds try to hide the impact of Social Security & Medicare taxes because they are so regressive, so they arranged it that the employer pays half and the employee only sees half of the true taxes they’re paying (FICA).
Incredibly, if you earn more than $160,200 in 2023, any more income is free of all Social Security tax, so your marginal income tax rate immediately drops by 12.4 percentage points!
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These taxes, which are simply transfer payments imposed by government, take money from young working families regardless of their plight (no exemptions or deductions), so as to give it to retired elderly people regardless of their wealth (and they are easily the wealthiest age group).
Is that right? Is that just?
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I’ve got a better idea. Let’s throw the deadbeats drawing social security disability that aren’t disabled off the rolls.
There are a lot of them.
PS
That individual who makes just $10,000/year will also be robbed of an additional $290 to pay for the medical care of “seniors”.
U. R. right about SS reform.
Raising the taxable threshold income to $400,000 is nothing but another soak-the-rich scheme. I am against tax increases of any kind for any purpose. What the rich (an we) pay in taxes is stunning, regardless of what you hear from the Left.
That also means that I do not favor an increase in the payroll tax.
I agree with the Conservative approach, just gradually raise the age of availability, including the early retirement age of 62. I would start at ages 64-67 right now, and inch those up, too. People are living a lot longer than when this program came in to effect in the 1930s. SS is insurance, not an entitlement, we pay for it.
The problem on this approach is the polys who favor/enact a higher age threshold will not be re(elected). Seniors, including me, are on the dole. Most people spend more time planning their vacation, than their retirement. So, the taxpayer is bailing them out.
All of these arguments will collapse with higher inflation rates. That is where we are heading now, thanks to our Govt socialist spending programs; funded by deficit spending (fiat money). The can is at the end of the road, now.
As a side note, our Bill of Rights are not entitlements. They are privileges, which can be taken away at any time. See the erosion of our 1st & 2nd amendments now.
Govt socialist spending programs? You do realize that Conservative government has run up the debt as much if not more than Liberal administrations. Often giving tax breaks with no offsetting spending cuts. Now the debt is so large there really is no no where to cut spending unless you want to toss the elderly out into the streets with no healthcare or livable income.
How have your 1st and 2nd amendment rights been eroded? (please don’t list private company censureship as that isn’t a first amendment right…never was and never will be). Gun control laws have eased a great deal even before the consersvative suprieme court.
Just so everyone knows, Social Security didn’t cause the nation’s debt; it’s paid for through the paychecks of hardworking people and their employers.
Congress wants to use our SS to reduce the country’s debt. This is BS.
Social Security isn’t free, nor is it a socialist program. We pay for it with our own money. We were promised this money from the first day we paid into the system.