500 signatures reached
To: Congress of the United States of America
Save Social Security
Take action to eliminate the cap on FICA contributions, which allows the richest one percent of Americans to stop contributing to the national retirement fund, which is going to run out of money in 2033.
Why is this important?
Social Security is paying more than 50 million Americans more money than it takes in through the current payroll tax. Last year, the system's trustees announced that the trust fund would run out of money in 2033, a full year before previously projected.
When that happens, Social Security recipients will see their monthly checks cut by about 25 percent and millions of elderly people will fall into poverty. This massive reduction in income for millions of elderly people will have a terrible impact on the economy and disastrous consequences for those who rely on Social Security to survive, but it does not have to happen.
Brian Varela and others have proposed a way to save Social Security by eliminating the cap on contributions, which is $147,000 in 2022. If we 'scrap the cap' then revenue would rise by about 50 percent and the Social Security system would remain solvent forever. The economic influence would be minimal since it would impose on the richest Americans the same small tax that is already paid on the first dollar earned by almost every working American.
Sign now to let Brian Varela know you support his plan to save Social Security and tell Congress to 'scrap the cap' before the system goes broke.