Plan announced to save Social Security
Original post made by Alfred E Newman, Atherton: Lindenwood, on Aug 25, 2011
Uses the conservative's desire for a "flat tax" (everyone pays the same tax rate) AND adds in a payroll tax free "donut-hole" for income between $106,000 to $250,000 per year, which protects high earners in an area like ours.
Bernie Sanders is proposing to "make individual income higher than $250,000 per year subject to the payroll taxan idea he says he is lifting from President Obama's 2008 campaign for the White House.
As it stands, the payroll tax, which funds Social Security, applies to up to $106,800 of annual income. The Sanders bill would not impose the payroll tax on income between that level and $250,000.
"Unfortunately, Republicans in Congressand too many Democratshave been discussing harmful cuts to Social Security as part of an overall scheme to balance the budget on the backs of the elderly, the sick, the children and working families," Sanders said.[...]
According to Sanders's office, the chief actuary for Social Security says the senator's proposal to make the payroll tax applicable at higher income levels would create enough new revenue to keep the program solvent for the next 75 years."
Why cut support for our seniors?
Everyone should pay the same payroll taxes, not just the poor and middle class.
The payroll tax free "donut-hole" adds a nice compromise.
A solvent Social Security program, with no cuts for our seniors, for the next 75 years.
What is the conservative's approach? Cut, cut, cut.
75 year solvency vs benefit cuts, cuts, cuts.