For more than eighty years, Social Security has stood for retirement with dignity and respect.
Today, Social Security is more important than ever:
- Over half of workers between the ages of 55-64 have no retirement savings.
- More than a third of senior citizens depend on Social Security for the majority of their income.
- 20% of the nation’s seniors live on just $8,300 per year.
- A cap on taxable income results in billionaires paying the exact same amount of dollars into Social Security as someone who makes $118,500 a year.
We need to:
- Lift the cap so that everyone who makes over $250,000 a year pays the same percentage of their income (not the same dollars) into Social Security as do middle class working families.
- Expand benefits by an average of $65 per month; and increase cost-of-living adjustments.
Removing the cap will increase revenues and extend Social Security solvency for the next 50 years, benefiting all American alive today.