03-12-2016, 11:45 AM
Social Security
Yesterday I met with several seniors struggling to make ends meet and secure the personal care assistance they require to remain living safely in their own homes.
Most of them rely heavily on Social Security, which doesn't afford them much beyond the bare necessities, but at least they've got that.
So, it's good to hear candidates from both parties focusing on how to reform and preserve the program. But, I remember hearing SS reform plans in the 2012 election campaigns too, and nothing has changed (HOTD edit/correction: except the taxable earning cap being raised by $8,000 since 2012, to $118k as of 2016).
I like Bernie's plan best; simply raise the cap on earnings taxed to $250k and the program remains solvent for decades and current seniors' benefits can be adjusted for cost of living. The original cap was set with the goal of funding the program by taxing 90% of the country's earned income. But, since the middle class hasn't had a collective raise in 15 years and almost all new wealth is going to the top earners who are not taxed beyond $118k, only 83% of earnings in the country are currently subject to Social Security tax.
For me, raising the SS taxable income cap is preferable to cutting benefits, raising the retirement age, privatizing the program, and denying wealthier seniors SS benefits for which they've contributed their entire working lives (though, I think wealthier seniors who want to opt out of receiving benefits should be able to do so).
Here is a comparison of candidates' plans for addressing Social Security solvency: http://www.cbsnews.com/news/where-the-ca...-security/
Yesterday I met with several seniors struggling to make ends meet and secure the personal care assistance they require to remain living safely in their own homes.
Most of them rely heavily on Social Security, which doesn't afford them much beyond the bare necessities, but at least they've got that.
So, it's good to hear candidates from both parties focusing on how to reform and preserve the program. But, I remember hearing SS reform plans in the 2012 election campaigns too, and nothing has changed (HOTD edit/correction: except the taxable earning cap being raised by $8,000 since 2012, to $118k as of 2016).
I like Bernie's plan best; simply raise the cap on earnings taxed to $250k and the program remains solvent for decades and current seniors' benefits can be adjusted for cost of living. The original cap was set with the goal of funding the program by taxing 90% of the country's earned income. But, since the middle class hasn't had a collective raise in 15 years and almost all new wealth is going to the top earners who are not taxed beyond $118k, only 83% of earnings in the country are currently subject to Social Security tax.
For me, raising the SS taxable income cap is preferable to cutting benefits, raising the retirement age, privatizing the program, and denying wealthier seniors SS benefits for which they've contributed their entire working lives (though, I think wealthier seniors who want to opt out of receiving benefits should be able to do so).
Here is a comparison of candidates' plans for addressing Social Security solvency: http://www.cbsnews.com/news/where-the-ca...-security/