| From | Citizens for Tax Justice <[email protected]> |
| Subject | There's an easy solution to funding Social Security |
| Date | July 13, 2023 3:52 PM |
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Tell Your Members of Congress: Pass the Medicare and Social Security Fair S=
hare Act
Hi ,
Did you know some of the richest Americans never pay into Social Security?=
=20
Right now, wage earners stop paying into Social Security after they earn $1=
60,200 in wages in a year. And, for millionaires and billionaires who don=
=E2=80=99t earn a traditional salary and instead live off of the growth of =
their investment income, they don't pay into Social Security at all.
That's why Sen. Sheldon Whitehouse and Rep. Brendan Boyle have introduced t=
he Medicare and Social Security Fair Share Act, which would lift the payrol=
l tax cap on incomes over $400,000 and apply the payroll tax to investment =
income, ensuring millionaires and billionaires are paying into Social Secur=
ity on all of their income each year, just like regular working people alwa=
ys have.
Under this proposal, virtually no one outside of the richest 5% of taxpayer=
s would pay more, and 93% of the total tax increase would be paid by the ri=
chest 1% alone in 2024. Citizens for Tax Justice Executive Director Amy Han=
auer explained more of the details during her testimony in yesterday's Sena=
te Committee on the Budget hearing.
This legislation would also close a loophole that currently allows hedge fu=
nds, private equity firms, and some oil and gas companies to avoid paying M=
edicare taxes and the related Net Investment Income Tax when they disguise =
earned income as =E2=80=9Cdistributed business profits.=E2=80=9D
If Congress fails to act now, both the Social Security and Medicare trust f=
unds will begin to run short within the next 10 years.
Send a message to your senators and representative today urging them to co-=
sponsor and pass the Medicare and Social Security Fair Share Act.
Start writing
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<th class=3D"columns small-12 large-12 first last default" st=
yle=3D"word-wrap: break-word; vertical-align: top; color: #3c4144; font-fam=
ily: arial,helvetica,sans-serif; font-weight: 400; padding: 0; text-align: =
left; font-size: 12pt; line-height: 1.5; margin: 0 auto; Margin: 0 auto; wo=
rd-break: break-word; width: 564px; padding-left: 24px; padding-right: 24px=
; border-collapse: collapse; padding-top: 24px; padding-bottom: 24px;"><h1 =
class=3D"align-center" style=3D"padding: 0; margin: 0; Margin: 0; line-heig=
ht: 130%; color: inherit; word-wrap: normal; font-family: arial,helvetica,s=
ans-serif; font-weight: 400; margin-bottom: 10px; Margin-bottom: 10px; font=
-size: 34px; text-align: center;"><span style=3D"font-size: 26pt;"><span st=
yle=3D"color: #1d3d78;"><strong>Tell Your Members of Congress: </strong></s=
pan><span style=3D"color: #1d3d78;"><strong>Pass the Medicare and Social Se=
curity Fair Share Act</strong></span></span></h1> <p style=3D"color: #3c414=
4; font-family: arial,helvetica,sans-serif; font-weight: 400; padding: 0; m=
argin: 0; Margin: 0; text-align: left; font-size: 12pt; line-height: 1.5; m=
argin-bottom: 10px; Margin-bottom: 10px;">Hi ,</p> <p style=3D"color: #3c41=
44; font-family: arial,helvetica,sans-serif; font-weight: 400; padding: 0; =
margin: 0; Margin: 0; text-align: left; font-size: 12pt; line-height: 1.5; =
margin-bottom: 10px; Margin-bottom: 10px;"><strong>Did you know some of the=
richest Americans <span style=3D"text-decoration: underline;">never</span>=
pay into Social Security? </strong></p> <p style=3D"color: #3c4144; font-f=
amily: arial,helvetica,sans-serif; font-weight: 400; padding: 0; margin: 0;=
Margin: 0; text-align: left; font-size: 12pt; line-height: 1.5; margin-bot=
tom: 10px; Margin-bottom: 10px;"><strong>Right now, wage earners stop payin=
g into Social Security after they earn $160,200 in wages in a year. </stron=
g>And, for millionaires and billionaires who don=E2=80=99t earn a tradition=
al salary and instead live off of the growth of their investment income, <s=
trong>they don't pay into Social Security at all</strong>.</p> <p style=3D"=
color: #3c4144; font-family: arial,helvetica,sans-serif; font-weight: 400; =
padding: 0; margin: 0; Margin: 0; text-align: left; font-size: 12pt; line-h=
eight: 1.5; margin-bottom: 10px; Margin-bottom: 10px;"><strong>That's why S=
en. Sheldon Whitehouse and Rep. Brendan Boyle have introduced the </strong>=
<strong><em>Medicare and Social Security Fair Share Act</em></strong>, whic=
h would lift the payroll tax cap on incomes over $400,000 and apply the pay=
roll tax to investment income, ensuring millionaires and billionaires are p=
aying into Social Security on all of their income each year, just like regu=
lar working people always have.</p> <p style=3D"color: #3c4144; font-family=
: arial,helvetica,sans-serif; font-weight: 400; padding: 0; margin: 0; Marg=
in: 0; text-align: left; font-size: 12pt; line-height: 1.5; margin-bottom: =
10px; Margin-bottom: 10px;">Under this proposal, virtually no one outside o=
f the richest 5% of taxpayers would pay more, and 93% of the total tax incr=
ease <span style=3D"text-decoration: underline;"><strong><a title=3D"would =
be paid by the richest 1% alone in 2024" href=3D"[link removed]
/emails/tracking/click-link/FYND_4oWxTNhpQrwSSjikEKseltd5_GrA6lm1vCtCWU=3D/=
4sjq5Wz_IvgjPUHFUTDdKOL4G0fOcRhp9Kxrhol19Lo=3D" target=3D"_blank" rel=3D"no=
opener" style=3D"color: #0074d9; text-decoration: none; font-family: arial,=
helvetica,sans-serif; font-weight: inherit; padding: 0; text-align: left; l=
ine-height: 1.5;">would be paid by the richest 1% alone in 2024</a></strong=
></span>. Citizens for Tax Justice Executive Director Amy Hanauer explained=
more of the details <strong><span style=3D"text-decoration: underline;"><a=
title=3D"uring her testimony in yesterday's Senate Committee on the Budget=
hearing" href=3D"[link removed]
D_4oWxTNhpQrwSSjikEKseltd5_GrA6lm1vCtCWU=3D/4sjq5Wz_IvgjPUHFUTDdKMPRgbnMmkW=
at0_GO9fkTM0=3D" target=3D"_blank" rel=3D"noopener" style=3D"color: #0074d9=
; text-decoration: none; font-family: arial,helvetica,sans-serif; font-weig=
ht: inherit; padding: 0; text-align: left; line-height: 1.5;">during her te=
stimony in yesterday's Senate Committee on the Budget hearing</a></span></s=
trong>.</p> <p style=3D"color: #3c4144; font-family: arial,helvetica,sans-s=
erif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left;=
font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10p=
x;">This legislation would also close a loophole that currently allows hedg=
e funds, private equity firms, and some oil and gas companies to avoid payi=
ng Medicare taxes and the related Net Investment Income Tax when they =
disguise earned income as =E2=80=9Cdistributed business profits.=E2=80=9D</=
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e: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10px;">If Co=
ngress fails to act now, both the Social Security and Medicare trust funds =
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tyle=3D"color: #3c4144; font-family: arial,helvetica,sans-serif; font-weigh=
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If you're having trouble viewing this email, you can see it online, [link removed].
Tell Your Members of Congress: Pass the Medicare and Social Security Fair Share Act
Hi ,
Did you know some of the richest Americans never pay into Social Security?
Right now, wage earners stop paying into Social Security after they earn $160,200 in wages in a year. And, for millionaires and billionaires who don’t earn a traditional salary and instead live off of the growth of their investment income, they don't pay into Social Security at all.
That's why Sen. Sheldon Whitehouse and Rep. Brendan Boyle have introduced the Medicare and Social Security Fair Share Act, which would lift the payroll tax cap on incomes over $400,000 and apply the payroll tax to investment income, ensuring millionaires and billionaires are paying into Social Security on all of their income each year, just like regular working people always have.
Under this proposal, virtually no one outside of the richest 5% of taxpayers would pay more, and 93% of the total tax increase would be paid by the richest 1% alone in 2024. Citizens for Tax Justice Executive Director Amy Hanauer explained more of the details during her testimony in yesterday's Senate Committee on the Budget hearing.
This legislation would also close a loophole that currently allows hedge funds, private equity firms, and some oil and gas companies to avoid paying Medicare taxes and the related Net Investment Income Tax when they disguise earned income as “distributed business profits.”
If Congress fails to act now, both the Social Security and Medicare trust funds will begin to run short within the next 10 years.
Send a message to your senators and representative today urging them to co-sponsor and pass the Medicare and Social Security Fair Share Act.
Start writing
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STAY CONNECTED
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Tell Your Members of Congress: Pass the Medicare and Social Security Fair S=
hare Act
Hi ,
Did you know some of the richest Americans never pay into Social Security?=
=20
Right now, wage earners stop paying into Social Security after they earn $1=
60,200 in wages in a year. And, for millionaires and billionaires who don=
=E2=80=99t earn a traditional salary and instead live off of the growth of =
their investment income, they don't pay into Social Security at all.
That's why Sen. Sheldon Whitehouse and Rep. Brendan Boyle have introduced t=
he Medicare and Social Security Fair Share Act, which would lift the payrol=
l tax cap on incomes over $400,000 and apply the payroll tax to investment =
income, ensuring millionaires and billionaires are paying into Social Secur=
ity on all of their income each year, just like regular working people alwa=
ys have.
Under this proposal, virtually no one outside of the richest 5% of taxpayer=
s would pay more, and 93% of the total tax increase would be paid by the ri=
chest 1% alone in 2024. Citizens for Tax Justice Executive Director Amy Han=
auer explained more of the details during her testimony in yesterday's Sena=
te Committee on the Budget hearing.
This legislation would also close a loophole that currently allows hedge fu=
nds, private equity firms, and some oil and gas companies to avoid paying M=
edicare taxes and the related Net Investment Income Tax when they disguise =
earned income as =E2=80=9Cdistributed business profits.=E2=80=9D
If Congress fails to act now, both the Social Security and Medicare trust f=
unds will begin to run short within the next 10 years.
Send a message to your senators and representative today urging them to co-=
sponsor and pass the Medicare and Social Security Fair Share Act.
Start writing
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STAY CONNECTED
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<th class=3D"columns small-12 large-12 first last default" st=
yle=3D"word-wrap: break-word; vertical-align: top; color: #3c4144; font-fam=
ily: arial,helvetica,sans-serif; font-weight: 400; padding: 0; text-align: =
left; font-size: 12pt; line-height: 1.5; margin: 0 auto; Margin: 0 auto; wo=
rd-break: break-word; width: 564px; padding-left: 24px; padding-right: 24px=
; border-collapse: collapse; padding-top: 24px; padding-bottom: 24px;"><h1 =
class=3D"align-center" style=3D"padding: 0; margin: 0; Margin: 0; line-heig=
ht: 130%; color: inherit; word-wrap: normal; font-family: arial,helvetica,s=
ans-serif; font-weight: 400; margin-bottom: 10px; Margin-bottom: 10px; font=
-size: 34px; text-align: center;"><span style=3D"font-size: 26pt;"><span st=
yle=3D"color: #1d3d78;"><strong>Tell Your Members of Congress: </strong></s=
pan><span style=3D"color: #1d3d78;"><strong>Pass the Medicare and Social Se=
curity Fair Share Act</strong></span></span></h1> <p style=3D"color: #3c414=
4; font-family: arial,helvetica,sans-serif; font-weight: 400; padding: 0; m=
argin: 0; Margin: 0; text-align: left; font-size: 12pt; line-height: 1.5; m=
argin-bottom: 10px; Margin-bottom: 10px;">Hi ,</p> <p style=3D"color: #3c41=
44; font-family: arial,helvetica,sans-serif; font-weight: 400; padding: 0; =
margin: 0; Margin: 0; text-align: left; font-size: 12pt; line-height: 1.5; =
margin-bottom: 10px; Margin-bottom: 10px;"><strong>Did you know some of the=
richest Americans <span style=3D"text-decoration: underline;">never</span>=
pay into Social Security? </strong></p> <p style=3D"color: #3c4144; font-f=
amily: arial,helvetica,sans-serif; font-weight: 400; padding: 0; margin: 0;=
Margin: 0; text-align: left; font-size: 12pt; line-height: 1.5; margin-bot=
tom: 10px; Margin-bottom: 10px;"><strong>Right now, wage earners stop payin=
g into Social Security after they earn $160,200 in wages in a year. </stron=
g>And, for millionaires and billionaires who don=E2=80=99t earn a tradition=
al salary and instead live off of the growth of their investment income, <s=
trong>they don't pay into Social Security at all</strong>.</p> <p style=3D"=
color: #3c4144; font-family: arial,helvetica,sans-serif; font-weight: 400; =
padding: 0; margin: 0; Margin: 0; text-align: left; font-size: 12pt; line-h=
eight: 1.5; margin-bottom: 10px; Margin-bottom: 10px;"><strong>That's why S=
en. Sheldon Whitehouse and Rep. Brendan Boyle have introduced the </strong>=
<strong><em>Medicare and Social Security Fair Share Act</em></strong>, whic=
h would lift the payroll tax cap on incomes over $400,000 and apply the pay=
roll tax to investment income, ensuring millionaires and billionaires are p=
aying into Social Security on all of their income each year, just like regu=
lar working people always have.</p> <p style=3D"color: #3c4144; font-family=
: arial,helvetica,sans-serif; font-weight: 400; padding: 0; margin: 0; Marg=
in: 0; text-align: left; font-size: 12pt; line-height: 1.5; margin-bottom: =
10px; Margin-bottom: 10px;">Under this proposal, virtually no one outside o=
f the richest 5% of taxpayers would pay more, and 93% of the total tax incr=
ease <span style=3D"text-decoration: underline;"><strong><a title=3D"would =
be paid by the richest 1% alone in 2024" href=3D"[link removed]
/emails/tracking/click-link/FYND_4oWxTNhpQrwSSjikEKseltd5_GrA6lm1vCtCWU=3D/=
4sjq5Wz_IvgjPUHFUTDdKOL4G0fOcRhp9Kxrhol19Lo=3D" target=3D"_blank" rel=3D"no=
opener" style=3D"color: #0074d9; text-decoration: none; font-family: arial,=
helvetica,sans-serif; font-weight: inherit; padding: 0; text-align: left; l=
ine-height: 1.5;">would be paid by the richest 1% alone in 2024</a></strong=
></span>. Citizens for Tax Justice Executive Director Amy Hanauer explained=
more of the details <strong><span style=3D"text-decoration: underline;"><a=
title=3D"uring her testimony in yesterday's Senate Committee on the Budget=
hearing" href=3D"[link removed]
D_4oWxTNhpQrwSSjikEKseltd5_GrA6lm1vCtCWU=3D/4sjq5Wz_IvgjPUHFUTDdKMPRgbnMmkW=
at0_GO9fkTM0=3D" target=3D"_blank" rel=3D"noopener" style=3D"color: #0074d9=
; text-decoration: none; font-family: arial,helvetica,sans-serif; font-weig=
ht: inherit; padding: 0; text-align: left; line-height: 1.5;">during her te=
stimony in yesterday's Senate Committee on the Budget hearing</a></span></s=
trong>.</p> <p style=3D"color: #3c4144; font-family: arial,helvetica,sans-s=
erif; font-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left;=
font-size: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10p=
x;">This legislation would also close a loophole that currently allows hedg=
e funds, private equity firms, and some oil and gas companies to avoid payi=
ng Medicare taxes and the related Net Investment Income Tax when they =
disguise earned income as =E2=80=9Cdistributed business profits.=E2=80=9D</=
p> <p style=3D"color: #3c4144; font-family: arial,helvetica,sans-serif; fon=
t-weight: 400; padding: 0; margin: 0; Margin: 0; text-align: left; font-siz=
e: 12pt; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10px;">If Co=
ngress fails to act now, both the Social Security and Medicare trust funds =
<strong>will begin to run short within the next 10 years</strong>.</p> <p s=
tyle=3D"color: #3c4144; font-family: arial,helvetica,sans-serif; font-weigh=
t: 400; padding: 0; margin: 0; Margin: 0; text-align: left; font-size: 12pt=
; line-height: 1.5; margin-bottom: 10px; Margin-bottom: 10px;"><strong><a t=
itle=3D"Send a message to your senators and representative today urging the=
m to co-sponsor and pass the Medicare and Social Security Fair Share Act" h=
ref=3D"[link removed]
rwSSjikEKseltd5_GrA6lm1vCtCWU=3D/4sjq5Wz_IvgjPUHFUTDdKPi93P_9d6XaShv0x9zw7W=
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y urging them to co-sponsor and pass the Medicare and Social Security Fair =
Share Act</span></a>.</strong></p>=20
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If you're having trouble viewing this email, you can see it online, [link removed].
Tell Your Members of Congress: Pass the Medicare and Social Security Fair Share Act
Hi ,
Did you know some of the richest Americans never pay into Social Security?
Right now, wage earners stop paying into Social Security after they earn $160,200 in wages in a year. And, for millionaires and billionaires who don’t earn a traditional salary and instead live off of the growth of their investment income, they don't pay into Social Security at all.
That's why Sen. Sheldon Whitehouse and Rep. Brendan Boyle have introduced the Medicare and Social Security Fair Share Act, which would lift the payroll tax cap on incomes over $400,000 and apply the payroll tax to investment income, ensuring millionaires and billionaires are paying into Social Security on all of their income each year, just like regular working people always have.
Under this proposal, virtually no one outside of the richest 5% of taxpayers would pay more, and 93% of the total tax increase would be paid by the richest 1% alone in 2024. Citizens for Tax Justice Executive Director Amy Hanauer explained more of the details during her testimony in yesterday's Senate Committee on the Budget hearing.
This legislation would also close a loophole that currently allows hedge funds, private equity firms, and some oil and gas companies to avoid paying Medicare taxes and the related Net Investment Income Tax when they disguise earned income as “distributed business profits.”
If Congress fails to act now, both the Social Security and Medicare trust funds will begin to run short within the next 10 years.
Send a message to your senators and representative today urging them to co-sponsor and pass the Medicare and Social Security Fair Share Act.
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- Sender: Citizens for Tax Justice
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