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John,
If you make $1 million per year, I’ve got great news for you: You’re getting a raise today.
Because our Social Security system is funded by contributions on the first $142,800 in wages per year, today, February 23rd, is the day when millionaires stop paying in for the rest of the year.
Here’s the truth though: if these millionaires paid in at the same rate as the rest of us, Social Security would not only be fully funded, we could afford to expand benefits!
In fact, the runaway inequality of the past 40 years, where nearly all income gains have gone to people who are already well off, is virtually the entire reason that Social Security has a funding shortfall in the first place. We need to scrap the payroll contribution cap and make millionaires and billionaires pay their fair share into our Social Security system!
Chip in $5 to EXPAND Social Security and make millionaires and billionaires pay their fair share!
Donald Trump led an attack, which was echoed by many Republicans who are still in office, to DEFUND Social Security―doing the opposite of scrapping the cap. That’s because rich people like Donald Trump and Mitt Romney would rather destroy Social Security than pay their fair share.
Social Security isn’t a problem to be solved―it’s a solution to a retirement security crisis. Protecting Social Security means protecting the security that Social Security’s benefits provide.
We’re fighting to make millionaires and billionaires pay their fair share so that we can EXPAND Social Security, never cut it. Chip in $5 today!
Thanks,
Michael Phelan
Social Security Works
P.S. Want to chip in without opening your wallet? We’re in the last week of voting for a grant from CREDO, the progressive phone company. Throw a vote our way and help us win a big share of $150,000!
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