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John,
This week, millionaires stop paying into Social Security. That’s because once you earn $147,000 in 2022, you stop contributing to Social Security. And someone making $1 million a year gets their first $147,000 in just 54 days. For a billionaire―they made that much shortly after the first hour of the year!
But if millionaires and billionaires paid into Social Security on a larger share of their income―like everyone else does who makes under $147,000―we could not only expand Social Security for millions of people, we could greatly extend the lifespan of the Trust Fund.
And, there are several plans in Congress to do just that.
Donate $5 today to tell Congress to scrap the Social Security payroll tax cap and demand millionaires and billionaires contribute their fair share toward Social Security.
President Biden ran on a proposal to apply the 12.4% payroll tax (split evenly between employee and employer) on earnings above $400,000, fulfilling his pledge to not raise taxes on anyone earning under $400,000.[1]
To implement Biden’s pledge, which would affect just the top 0.4% of wage earners, Rep. John Larson (D-CT) has introduced the Social Security 2100 Act: A Sacred Trust. It would fulfill the promise of our Social Security system by improving benefits for millions of seniors living in poverty and guaranteeing 100% of benefits can be paid through 2038―paid for by making the wealthy pay more of their fair share.[2]
At this time of deep financial insecurity for millions of people, Social Security’s future could not be more important. Donate today to fight to expand our earned benefits and extend the lifespan of the Social Security Trust Fund―paid for by making millionaires and billionaires pay their fair share.
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Together, we’re demanding an economy and a tax system that works for everyone, not just the wealthy few.
Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “Biden’s platform calls for big changes to Social Security. Here’s what could be on the table,” CNBC, Nov. 12, 2020
[2] The Social Security 2100 Act, U.S. Rep. John Larson
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