The video may be funny, but the subject is serious—now more than ever, Social Security benefits are critical to the more than 50 million Americans who rely on them. Instead of cutting benefits or raising the retirement age, we're relying on you to protect working class families by scrapping the cap on payroll taxes.
Currently, workers are taxed only on their first $106,800 of income. People earning over that amount don't pay (FICA) taxes on that income. By simply requiring upper-income taxpayers to contribute at the same rate as many middle class families, Social Security's benefits could be improved, and its funding would remain in balance beyond the longest projections.Working Americans are in trouble. 401(k)s were decimated by Wall Street, home values have plummeted, and nest eggs are gone - yet some in Congress continue to defend a lower Social Security payroll tax rate for millionaires than for middle class families.
Social Security has a surplus of more than $2 trillion - enough to cover benefits for 25 years or more. It is fully funded by the payroll contributions of American workers; it doesn't contribute a dime to the nation's deficit.
Now more than ever, Social Security benefits are critical to the more than 50 million Americans who rely on them. Instead of cutting benefits or raising the retirement age, we're relying on you to protect working class families by scrapping the cap on payroll taxes.
Currently, workers are taxed only on their first $106,800 of income. People earning over that amount don't pay taxes on that income. By simply requiring upper-income taxpayers to contribute at the same rate as many middle class families, Social Security's benefits could be improved, and its funding would remain in balance beyond the longest projections.
Please support the 50+ million working people and families who rely on Social Security benefits, and Just Scrap the Cap.
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