March 07, 2023
Alliance Marks Scrap the Cap Day
Individuals incomes a million {dollars} or extra every year stopped contributing to Social Safety for the remainder of 2023 on February 28. For 2023, Social Safety taxes are solely paid on the primary $160,200 of wage earnings.
A number of members of Congress have launched payments this 12 months that may develop Social Safety and require the wealthiest People to pay their justifiable share into Social Safety by elevating or eliminating the cap on wages topic to the payroll tax. All of those payments would improve each the solvency of the Belief Fund and improve advantages.
Others on Capitol Hill are discussing important adjustments to Social Safety, together with reportedly elevating the retirement age and permitting the Belief Fund to be invested within the inventory market.
In keeping with Semafor, a bipartisan group of senators led by Sens. Angus King (I-ME) and Invoice Cassidy (R-LA) is contemplating a plan to step by step elevate the retirement age to “about 70” as a part of discussions to overtake Social Safety.
“Elevating the retirement age and permitting Wall Avenue to gamble with our earned advantages is unacceptable,” stated Robert Roach, Jr., President of the Alliance. “We don’t want gimmicks or schemes after we can strengthen the Belief Fund by requiring the wealthiest amongst us to pay their justifiable share.”
