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John,
Republicans and their Wall Street paymasters like to claim that Social Security is going broke. They even held a hearing in the House Budget Committee yesterday on the “solvency” of Social Security and its “impacts to the federal budget.”
Let’s be clear. Social Security has a $2.79 TRILLION trust fund. It can pay all benefits owed, in full, for the next decade, and even if nothing is done, still pay 83% of benefits owed after that.
Also, because Social Security is independently funded by the payroll tax, it cannot add a single penny to our country’s debt. So, when Republicans say that we need to cut Social Security to save it, or that Social Security is going broke, or that Social Security shortfalls are worsening deficits, they’re just parroting ideological talking points meant to undermine faith in one of the most popular and successful public programs in American history.
We’re fighting back against these Wall Street talking points and House Republicans’s plan intended to weaken and eventually privatize Social Security.
Help counter the right-wing narrative about Social Security. Donate today to power our campaign demanding Congress make the wealthy pay their fair share―because when they do, we can protect and even expand Social Security for generations to come.
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
Together, we’re fighting for critical programs and services that support working people and older adults―paid for by making the wealthy pay their fair share of taxes.
John Foti
Legislative Director
Americans for Tax Fairness Action Fund
-- David's email --
John,
If nothing is done to bolster Social Security’s finances, Social Security benefits will see a 17% cut 11 years from now. So, what is the Republican plan to strengthen Social Security? Cuts.
The solution to cuts down the road is not benefit cuts today. But that is exactly what congressional Republicans will argue when the House Budget Committee holds hearings today on the “solvency” of Social Security.
Social Security is not insolvent nor is it going “bankrupt.” Social Security has a $2.79 trillion trust fund, can pay all benefits owed, in full, for the next decade, and if nothing is done, Social Security will still be able to pay 83% of benefits starting in 2035.
The Republican Study Committee―which represents 100% of the House Republican leadership and 80% of House Republicans―has proposed raising the retirement age of Social Security to 70, which would result in a 20% benefit cut for the average retiree.[1]
The true solution to Social Security’s future projected shortfall is making the wealthy pay their fair share of Social Security taxes. And there are multiple plans in Congress to do just that, from Senators Bernie Sanders (I-VT) and Elizabeth Warren’s (D-MA) Social Security Expansion Act to Representative John Larson’s Social Security 2100 Act. Both would extend the lifespan of the trust fund by decades.
As Republicans plot to cut our earned benefits, we’re fighting back.
Rush a donation today to counter the right-wing and Wall Street talking point that Social Security is going broke. Americans need to know that when millionaires and billionaires pay their fair share into Social Security, we can protect and even expand our earned benefits for generations to come.
Right now, high-income employees pay nothing into Social Security on annual wages over $160,200. For billionaires like Elon Musk, that means they stop paying into Social Security just hours into the New Year.[2] Millionaires stop paying in by the end of February. But 94% of U.S. workers pay into Social Security on all of their income, all year long.[3]
We’re fighting for legislation that would scrap the Social Security payroll cap for the richest 1%, ensuring millionaires and billionaires start paying more of their fair share.
Donate today to counter the right-wing and Wall Street narrative that the only way to “save” Social Security is to cut benefits. Because we know that when the wealthy pay their fair share, we can extend the lifespan of the Social Security trust fund for generations to come.
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
Thank you for powering our campaign today,
David Kass
Executive Director
Americans for Tax Fairness Action Fund
[1] Raising Social Security’s Retirement Age Would Cut Benefits for All New Retirees
[2] 200 People Already Paid Their Social Security Taxes: Happy New Year!
[3] Social Security is one tax you won't have to pay anymore this year if you're a millionaire
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