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Issue Position: Social Security

Issue Position

By:
Date:
Location: Unknown

Social Security is now, and will be in the future, extremely important to most Americans over the age of 62.

*It is the major source of income for most older Americans.
*Among elderly Social Security beneficiaries, 52% of married couples and 74% of unmarried persons receive 50% or more of their income from Social Security
*Among elderly Social Security beneficiaries, 22% of married couples and about 47% of unmarried persons rely on Social Security for 90% or more of their income!

Questions:
*Who thinks they are going to get social security?
*Who thinks their children are going to get social security?
*Who thinks their grandchildren are going to get social security?

The entire Social Security fund is expected to run out of money by 2034 (18 years). After that, retirees can generally expect about 75 cents on every dollar of their scheduled benefits.
How to fix SS so it is solvent for the next 75 years.

Take the cap off of Social Security taxes so that upper income wage earners pay the same percentage of Social Security tax as middle and lower income earners do. Why is it fair for the person who makes $25,000/year to pay 6.2% of his/her wages into Social Security when the person who makes $2,000,000 pays only .37% of his/hers? The proportion each person pays should be the same. In 2015, the maximum amount of taxable earnings is capped at $118,500. I would propose that there be no cap on the maximum amount of taxable earnings so that all taxable earnings are subject to the social security tax (and everyone pays the same percentage of their earnings into SS.

In addition to removing the cap I would:

*Cap the amount of monthly benefits.
*Institute means testing for seniors with incomes over $150,000 a year and eliminating benefits entirely for individuals making $250,000 and up
*Because people are living a lot longer than they did when Social Security was first implemented I would propose increasing the retirement age for anyone between
*45-50, increase the retirement age to 67.5;
*40-45, increase the retirement age to 68;
*35-40, increase the retirement age to 68.5;
*30-35, increase the retirement age to 69;
*25-30, increase the retirement age to 69.5;
*20-25, increase the retirement age to 70;
*15-20, increase the retirement age 70.5;
*10-15, increase the retirement age to 71;
*5-10, increase the retirement age to 71.5;
*0-5, increase the retirement age to 72;
*Anyone born after 2020, increase the retirement age to 73.
*However, to honor and support our military veterans anyone who had an honorable discharge from the military would keep the current SS retirement age (of 67).


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