As we’ve discussed before here at the Council for Retirement Security, Social Security needs help.
The program’s future is uncertain, as partial insolvency is expected to hit in just over a decade.
Big changes could be on the way to fix this problem. Some could involve high earners. Many people claim that these individuals should pay more in taxes to support the program.
As of now, the wage cap has already risen to $160,200. Individuals at this level will pay taxes toward Social Security, but it should be noted that in some parts of the country, this is still middle class.
Those who make double, triple, or ten times this amount are often the real subject of these discussions. Some say they should pay more, while others have thrown around the idea that benefits could be cut for higher individuals.
We believe benefit cuts in any form are a bad idea. Regardless of income, seniors deserve the full amount they’ve paid in, adjusted for inflation. After all, cutting benefits for some will open the door to do it to others.
To learn more about our efforts to protect benefits, check out our Social Security Lock-Box Petition. You can also find more content at the links below.