Social Security 2100 Act
Congress needs to act to ensure the future of Social
The 2018 Social Security Trustees report projects that
beneficiaries will see a 21 percent cut in benefits by 2034 unless Congress
takes action to prevent the funding shortfall. The Congressional Budget
Office’s estimate is more dire, setting the year at 2031.
The proposal to tax wages up to $400,00 will extend
the program’s solvency for 75 years, according to Social Security’s Office of
the Chief Actuary.
According to the Congressional Budget Office, because
earnings for the highest-paid workers have grown faster than the average wage,
about 83 percent of total earnings fell below the Social Security’s taxable
wage cap in 2016, down from 90 percent in 1983. We need to increase the wages
subject to Social Security so that at least 90% of wages are subject to Social
Security. For low- and middle-income earners, virtually every dollar they earn
is subject to SS tax while higher earners escape tax on much of their income,
plus they gain much of their income from sources NOT subject to SS tax such as
from investment earnings which are taxed way below wages.
How do the wealthy benefit from the shrinkage of the
middle class and growth of poverty?