Democracy Rules

Social Security deductions taken from the paychecks of working Americans are put into the same account that pays the benefits of those retired. In the past, politicians have used Social Security funds for purposes other than retirement benefits. As of 2012, Congress had borrowed and spent more than $1.7 trillion of Social Security taxes on uses unrelated to retirement benefits. There is concern that there will not be enough money to pay benefits to people that are working now. This is because there are a growing number of Americans receiving benefits, and a declining number of workers paying into the system. Social Security had $2.9 trillion in reserves in 2019 - allowing it to pay all promised benefits until perhaps 2035. Benefits would then decrease if the current situation remains unchanged.

To ensure the survival of this much-needed program, some Advocates want to make Social Security a needs-based program that prohibits wealthy Americans from collecting benefits. It is estimated this change would save our Treasury about $1.5 trillion each year and make Social Security solvent for the foreseeable future.
Opponents say this idea sets a dangerous precedent by excluding beneficiaries who paid into the system, and opens the possibility such an action could be applied to other groups of people in the future.

Proposed Legislation: Reintroduction of H.R.860 - Social Security 2100 Act (16th Congress 2019-2020)
Prospective Sponsor: Rep. John Larson (CT)

I oppose reforming current Social Security policy and wish to donate resources to the campaign committee of Speaker Kevin McCarthy (CA).
I support reforming Social Security to keep it running until at least 2100 by: 1.) Setting the minimum Social Security benefit for retirees at +25% above the poverty line, so people are no longer “retiring into poverty.” 2.) Raising the income threshold at which one’s Social Security benefits start getting taxed, from the current $25,000 to $50,000 for an individual, and from the current $32,000 to $100,000 for a couple filing jointly. 3.) Collecting payroll taxes to help pay for Social Security on higher levels of income, from the current $132,900 maximum up to a new $400,000 level. 4.) Using a new formula to calculate the annual cost-of-living increases to Social Security benefits which has averaged +3.3% annually, slightly higher than +3.1% for the whole population at large. And wish to donate resources to the campaign committee of Rep. John Larson (CT) and/or to an advocate group currently working with this issue.

Winning Option »» I support reforming Social Security to keep it running until at least 2100 by: 1.) Setting the minimum Social Security benefit for retirees at +25% above the poverty line, so people are no longer “retiring into poverty.” 2.) Raising the income threshold at which one’s Social Security benefits start getting taxed, from the current $25,000 to $50,000 for an individual, and from the current $32,000 to $100,000 for a couple filing jointly. 3.) Collecting payroll taxes to help pay for Social Security on higher levels of income, from the current $132,900 maximum up to a new $400,000 level. 4.) Using a new formula to calculate the annual cost-of-living increases to Social Security benefits which has averaged +3.3% annually, slightly higher than +3.1% for the whole population at large. And wish to donate resources to the campaign committee of Rep. John Larson (CT) and/or to an advocate group currently working with this issue.