The Rich Stop Paying Social Security Tax Around January 1

Contributing sentiments towards policy:

82% : (The Office of the Chief Actuary of Social Security and Social Security Works, a nonprofit Social Security think tank, are good sources for updates on Social Security legislation.)
69% : The hope is that the bipartisan support for the expansion of Social Security benefits may mean Congress is listening to the majority of Americans - republicans and democrats - who want more revenue for Social Security and do not want benefit cuts.
64% : If Congress and the President do nothing to find more revenue for Social Security, in 2033 Social Security benefits will suddenly drop by 21%.
63% : Republicans and Democrats, in December 2024, raised Social Security benefits for over 2 million people by repealing the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO).
62% : In the House of Representatives, Rep. John Larsen (Conn. D) has led proposals for years to expand Social Security benefits and revenues by expanding the tax base.
57% : We earn under $176,100 per year which is the cap on earnings taxed by Social Security.
55% : To restore Social Security solvency decades past 2033, the tax rate could increase and/or the tax base could expand to include all income.
55% : Their measure would raise more money than needed to solve the long run deficit, so the Act uses additional revenue to increase Social Security's benefits to eliminate most elder poverty.
54% : If we raised the cap on the maximum earnings subject to Social Security taxes, and included more income -- interest, business receipts, capital gains -- in the definition of earnings (like Medicare does), we could close the solvency gap.
53% : "The quickest and most effective action to fix Social Security just might be to ask the small fraction of the highest income Americans, like Elon Musk and other wealthy Americans CEOs, to pay all year long.
50% : Social Security's deficit is expressed by how much the payroll tax must increase to pay promised benefits for 75 years.
44% : If the cap for Social Security had not existed (there is no cap on Medicare taxes) the some 6% of U.S. workers who earn more than Social Security's taxable maximum would contribute more than $388 Billion to Social Security.
24% : The bad news is that recently House Republicans advocated cutting Social Security benefits by (about 8%) by raising the full retirement age to 69 and President - elect Donald Trump's only Social Security proposal would drain Social Security of revenue by $23 Billion according to a report by the thorough Committee for a Responsible Federal Budget.

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