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John,
Before Social Security, half of seniors in the US lived in poverty. Today, that number is less than 10%―still too high, but a major improvement for the 50 million seniors who rely on Social Security each year.
Unfortunately, if nothing is done to strengthen Social Security’s finances, starting in 2034, Social Security will only be able to pay roughly 80% of benefits owed.[1]
Thankfully, there’s an easy solution to this future shortfall: Make the wealthy pay their fair share!
Did you know that Elon Musk stopped paying into Social Security just 4 minutes into the New Year?[2] That’s because once you earn $168,600 in 2024, you stop contributing to Social Security.
The serious, fiscally responsible solution to strengthening Social Security is not the benefit cuts that Republicans and so-called deficit hawks love to advocate, which would impoverish seniors and their families and hurt the economy. Instead, the responsible solution is ensuring that millionaires and billionaires pay into Social Security all year long just like working people do.
Read David’s email below about two plans in Congress to scrap the Social Security payroll tax cap for the wealthy, ensuring that the super-wealthy are finally paying their fair share into Social Security all year long. Then sign the petition today to demand Congress act!
Together, we’re fighting back against Republican attempts to cut our earned benefits because we know that when the wealthy pay their fair share, we can protect and expand them for generations to come.
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness Action Fund
[1] Social Security Board of Trustees: Projection for Combined Trust Funds One Year Sooner than Last Year
[2] 200 People Already Paid Their Social Security Taxes: Happy New Year!
-- David's email --
John,
Did you know that folks with salaries in the millions of dollars stop paying into Social Security within the first few months, or even weeks, of the New Year? That’s because once you earn $168,600 in 2024, you stop contributing to Social Security. And someone making $1 million a year gets their first $168,600 in approximately 60 days. If you make $2 million, it’s just 30 days.
Elon Musk―the richest person in the world―reached his first $168,600 in just the first 4 minutes of 2024.[1] It took Apple CEO Tim Cook about 2 hours into the New Year to finish his Social Security contributions for 2024.
But if millionaires and billionaires paid into Social Security on a larger share of their income―like everyone else does who makes under $168,600―we could not only expand Social Security for millions of people, we could greatly extend the lifespan of the Trust Fund.
There are several plans in Congress to do just that.
Senator Bernie Sanders (I-VT) has introduced the Social Security Expansion Act of 2023, which would increase benefits by $2,400, extend the lifespan of the Trust Fund by 75 years and do much more to solidify this bedrock of working-class prosperity. And, it’s completely paid for by scrapping the payroll tax cap on incomes over $250,000―meaning that millionaires and billionaires would finally start paying more of their fair share.[2]
In the House, Rep. John Larson (D-CT) has previously introduced the Social Security 2100 Act: A Sacred Trust, which would affect just the top 0.4% of wage earners. It would fulfill the promise of our Social Security system by improving benefits for millions of seniors living in poverty and extending the lifespan of the Trust Fund―once again, paid for by making the wealthy pay more of their fair share.[3]
Instead of forcing the highest-paid people in America to finally contribute their fair share to Social Security, Republicans want to raise the retirement age or directly cut benefits. We’re demanding Congress scrap the Social Security payroll tax cap on the wealthy. That means that while working people won’t pay a dime more in Social Security contributions, millionaires and billionaires will finally be paying their fair share all year long.
Add your name today to demand millionaires and billionaires pay into Social Security the entire year on virtually all of their income, just like most working people already do.
Social Security isn’t “going broke,” as its long-time opponents claim. But the reality is, that if nothing is done to strengthen the program’s finances, starting in 2034, Social Security will only be able to pay roughly 80% of benefits owed.[4]
Republicans claim that the “solution” to this projected reduction in benefits a decade from now is … a reduction in benefits right now? That would hurt working people in their retirement years. That’s why we’re fighting for a real solution that doesn’t harm working people.
Join us in demanding Congress scrap the payroll tax cap on incomes for the wealthy and make them pay into Social Security on nearly all of their income all year long, just like working people do.
Together, we’re demanding Congress expand Social Security’s modest benefits and pay for it by making the wealthy pay their fair share.
Thank you,
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] 200 People Already Paid Their Social Security Taxes: Happy New Year!
[2] NEWS: Amid Republican Threats to Social Security, Sanders, Warren, Schakowsky, Hoyle, and Colleagues Introduce Legislation to Increase Benefits and Extend Solvency Through 2096
[3] The Social Security 2100 Act, U.S. Rep. John Larson
[4] Social Security Board of Trustees: Projection for Combined Trust Funds One Year Sooner than Last Year
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