Want to fix Social Security? Lift the cap! As Republicans look to gut Social Security by screaming it’s going bankrupt – they are ignoring one simple solution – and that’s raising the cap. Currently – only the first $106,800 of your income is taxed for Social Security. In other words – Billionaires pay virtually no Social Security taxes, while working stiffs making 40,000 bucks a year carry almost the entire load.
At a town hall event yesterday – Republican front-runner Mitt Romney was asked why he doesn’t support raising the cap – to which he responded, “that doesn’t begin to solve the problem.” That’s a lie.
According to the Congressional Research Service – just by eliminating the cap – and ensuring that billionaires pay the same Social Security tax rate as the rest of us – the program will generate massive surpluses and stay solvent for at least another 75 years.
It’s a simple choice really – have millionaires and billionaires pay the same rate as everybody else – or follow the Republican’s plan to destroy Social Security.
Let’s hope our lawmakers choose the solution that helps everyone – and not just the top one-percent.