Immediately draft legislation that lifts the $110,000 annual income cap on Social Security taxes. If that cap is lifted and ALL income is subject to Social Security taxes, the Congressional Budget Office estimates that it would do three times as much to solve Social Security’s shortfall as raising the retirement age to 70. It would, in one fell swoop, close Social Security’s solvency gap for the next 75 years. See this Washington Post article: http://www.washingtonpost.com/blogs/wonkblog/wp/2012/11/21/why-rich-guys-want-to-raise-the-retirement-age/
Why is this important?
Quick, easy and fair solution for guaranteeing Social Secuirty benefits for American workers - now and into the future.
