Some members of Congress want to cut Social Security benefits to pay for Wall Street's greed. Even though 401(k)s were decimated by reckless bankers, home values have plummeted, and nest eggs are gone, conservative politicians defend a lower payroll tax rate for millionaires than what is paid by 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. And now more than ever, Social Security benefits are critical to more than 50 million Americans who rely on them.
Instead of cutting benefits or raising the retirement age, our elected leaders should protect working class families and "Just Scrap the Cap".
What's "the cap"?
Right now, everyone pays Social Security taxes only on the first $110,100 they earn, which means most people pay Social Security taxes on their whole paycheck. But after $110,100, no contribution is made to Social Security - so a whole lot of wealthy people don’t pay a dime in Social Security taxes on most of what they make. That's "the cap".
Social Security could pay full benefits forever if millionaires simply paid the same Social Security tax rate as most other people do. Heck, we could even afford to improve benefits a bit.
But unless we tell Congress to "Just Scrap the Cap," they could cut Social Security benefits instead.
Please sign this petition to tell Congress - tell them: No cuts to benefits, and Scrap the Cap!