In a New York Times op-ed, Bernie Moreno, a Republican Senator from Ohio, and Elizabeth Warren, a Democratic Senator from Massachusetts, believe that Congress must act now to strengthen Social Security, and they have a plan. They want to ensure that Americans can retire with dignity, knowing that they can depend upon Social Security. Without Congressional action, Social Security benefits will shrink by around 20 percent in 2033.
The two Senators make a compelling case that shoring up Social Security is critical to protecting people’s earned benefits, rewarding work, and restoring fairness. And, they believe that, to do so, Congress should eliminate the cap on Social Security payroll contributions. Today, that cap, the most income on which working people make Social Security payroll contributions, is $184,500.
The Senators explain that ending the cap of $22,878–12.4 percent of wages from individuals earning $184,500 or more and their employers–will affect only a small number of Americans. Most Americans earn less than that amount and make Social Security contributions on all of their income. People earning $184,500 or more only make Social Security contributions on some of their income.
They ask why wealthier people should pay a smaller percentage of their paycheck towards Social Security than people who earn less. Why shouldn’t all income be treated equally? Isn’t that only fair? Eliminating the cap would put around $3 trillion more into the Social Security Trust Fund over the next ten years and extend the life of the Trust Fund substantially.
Social Security is a national treasure that allows older people, people with disabilities and their families the comfort of knowing that they will be able to afford basic necessities in retirement. As prices for eggs and electricity continue to rise, more than ever, people need that assurance.
Here’s more from Just Care:
- 2026: Scrap the Social Security cap
- Social Security substantially reduces poverty in US
- More people are claiming their Social Security early
- Calls to Social Security are going unanswered
- Expand Social Security, don’t means test it
