To: President Donald Trump, The United States House of Representatives, and The United States Senate
Create New Revenue to Keep Social Security Solvent
Currently, Social Security payroll taxes apply only to the first $106,800 of a worker's wages. Rep. Bernie Sanders, one of the Senate’s staunchest liberals, is proposing to make the payroll tax applicable at higher incomes levels, $250,000 per year, if he can get enough cosponsors and momentum behind his efforts. The chief actuary for Social Security says the senator’s proposal to make the payroll tax applicable at higher income levels would create enough new revenue to keep the program solvent for the next 75 years. Since the inception of Social Security, there has never been an adjustment, we're calling on all elected officials to raise the payroll tax wages.
Why is this important?
46 percent of all Americans pay a "payroll tax" on practically every dime they earn. The Congressional Budget Office found that those in the bottom 80 percent of the earnings ladder paid around 9 percent of their incomes in Social Security taxes; the top one percent paid just 1.6 percent of theirs. Higher wage earners took home more pay from the payroll tax cuts ($200 for low wage earners and $2,136 for high wage earners.) We're calling for higher wage earners to pay their fair share since they receive the same benefits.