Social Security is solvent, safe and doesn't contribute to the deficit. It has a surplus of more than $2 trillion - and is fully funded by the payroll contributions of American workers.
But 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.
Now more than ever, Social Security benefits are critical to the more than 50 million Americans who rely on them. Instead of cutting benefit or raising the retirement age, our elected leaders should protect working class families and "just scrap the cap".
What's "the cap" and why should we scrap it?
Currently, workers contribute to Social Security only on their first $106,800 of income - those earning over it don't pay Social Security taxes on that income. That's "the cap".
Simply requiring upper-income taxpayers to contribute at the same rate as many middle class families would allow benefits to be strengthened and keep the program in balance for future generations.
Simply put: if millionaires paid the same tax rate as everyone else, Social Security benefits would be secure forever.