To: President Donald Trump, The United States House of Representatives, and The United States Senate
Saving Social Security
The cap for Social Security (FICA) withholding needs to be eliminated. This simple act would save Social Security for all that are eligible, by many economists' account, including AARP, and is fair. The cap is arbitrary (currently $106,800) and puts more burden on the middle and lower class workers.
Why is this important?
Reductions or outright elimination of Social Security is, in essence, a breach of contract perpetrated on middle and lower income workers who have paid into the system for years or decades. To change the benefits on working people who have been paying into it for years and counting on those benefits when they retire is grossly unfair. For example, if one began working at age 16 and is now 54 years old, he/she has paid into the fund for 38 years. Ryan's plan would change the rules for this individual simply because they are not one year older. If one is in their late 40s or early 50s, and they are not counting on Social Security, they either don't need it or they aren't planning on retiring.