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John,
With every paycheck we earn, we pay into our earned benefits with the knowledge that Social Security will be there for us in retirement, or if we become disabled or lose our spouse.
But, while you and I pay into Social Security on all of our earnings, that’s not the case for millionaires and billionaires.
Today―54 days into the year―someone making $1 million a year will stop paying into Social Security. Someone making $1 billion a year stopped paying Social Security taxes shortly after the first hour of the year!!! That’s because once you earn your first $147,000 in 2022, you stop contributing to Social Security.
Read Frank’s email below for more details on the plans in Congress to scrap the payroll tax cap, and then pitch in today to demand millionaires and billionaires pay their fair share into Social Security.
Social Security is relied on by millions of seniors, surviving spouses, children, and people with disabilities. It is particularly important for women and people of color who earn less on average than their white, male counterparts and who have less access to retirement savings. Protecting and strengthening Social Security is critical to fulfilling President Biden’s commitment to racial and gender equity to build an economy that works for all Americans.
Pitch in today to demand Congress scrap the cap and expand Social Security benefits for millions of Americans―paid for by making millionaires and billionaires pay their fair share.
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
Thank you for all that you do to fight for a future that includes all of us, not just the wealthy few.
Maura Quint
Campaign Director
Americans for Tax Fairness
-- Frank's email --
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.
If you've saved your payment information with ActBlue Express, your secure donation will go through immediately:
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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