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John,
Congressional Republicans want us to believe that the only way to save Social Security is to cut benefits―whether it’s raising the retirement age or reducing benefits paid to future beneficiaries. But this simply isn’t true. You and I know that we can protect Social Security for generations to come when the wealthy start paying their fair share.
Senator Sheldon Whitehouse (D-RI) and Representative Brendan Boyle (D-PA) have introduced the Medicare and Social Security Fair Share Act, which would not only lift the payroll-tax cap on income over $400,000, it would also apply the tax to investment income, ensuring that millionaires and billionaires pay their fair share into Social Security on all of their income each year.
The bill would also increase the rate that upper-income earners must pay into Medicare and would 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.
We recently sent more than 25,000 messages to Congress, urging them to reject cuts to our earned benefits and pass the Medicare and Social Security Fair Share Act.
Donate today to fight back against right-wing attempts to cut and privatize Social Security and Medicare. Instead, let’s require the country’s highest earners to contribute more of their fair share.
Right now, wage earners stop paying into Social Security after they earn $160,200 in wages in a year. Because of that artificial cap, while the vast majority of working people pay into Social Security on all of their income, the highest-income earners do not. In fact, those making $1 million in a calendar year stop paying into Social Security by the end of February.
Rising levels of income and wealth inequality are contributing to the Social Security and Medicare trust fund shortfall. And, without action, both programs may have to start paying reduced benefits within the next 10 years.
Fight back against attempts to cut our earned benefits. Donate today to build our national movement and demand Congress pass legislation like the Medicare and Social Security Fair Share Act.
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When the wealthy start paying their fair share, we can invest in seniors, working people, and our future―from defending Social Security and Medicare to lowering costs on everything from housing to nutrition to healthcare and more.
Thank you for your support,
David Kass
Executive Director
Americans for Tax Fairness Action Fund
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