Social Security is experiencing an insolvency issue. Benefit cuts could be coming in about six years if nothing is done to shore up the program.
Former Social Security Administration Commissioner Martin O’Malley has an idea. He told NewsNation’s The Hill that he thinks “lawmakers should raise the cap on earnings subject to Social Security payroll taxes rather than pursue benefit reductions.”
The current payroll tax cap exempts annual earnings above $184,500 from Social Security taxes. O’Malley believes higher-income Americans should be paying more into the program.
Council of Seniors Is Here To Help Older Americans
Older Americans worked long and hard and deserve to live a comfortable retirement free from financial strain.
All of us here at the Council of Seniors want to improve retirees’ financial futures – and that starts with Congress enacting The SAVE Benefits Act. The passage of this bill can make up for Social Security cost-of-living adjustments (COLAs) that have let you down in recent years. If it passes, $581 will be returned to eligible seniors.
Sign our petition right now to show you’re on board with our effort.