Thursday, February 21, 2019

Keeping Our Social Security Promise Act

by John Nelson (writer), Utah, March 18, 2013

Credit: Social Security Administration
Social Security Administration

Bernie Sanders (I-VT) introduces a simple and fair bill in the Senate that will save Social Security for 75 years.

Bernie Sanders, an Independent senator from Vermont recently introduced a bill in the Senate titled: Keeping Our Social Security Promise Act. A companion bill was introduced into the House by Congressman DeFazio (D-OR). The bill, if passed will save Social Security for the next 75 years and would not require any decrease in benefits or a raise in the eligibility age requirement.

Presently, Americans to pay 6.2% of their wages to support the Social Security system. Income up to $113,700 is subject to the tax. Wage income beyond $113,700 is not taxed. Essentially this means the majority of working-class Americans pay 6.2% of 100% of their wages while the richest wage earners pay a smaller percentage of their wages to support Social Security.

An American making $35,000 a year pays a 6.2% tax on 100% of their wages. An American making $350,000 a year will pay 6.2% on only 1.6% of their wages. A millionaire will pay a fraction below 1 percent of their earned wages. Clearly, this is an unfair system with those making the least assuming a greater burden.

Bernie Sanders bill will make this a more fair system and save the valuable program for several more generations. Sanders bill would require the same percentage (6.2%) be deducted from the payroll of those making greater than $250,000. Of course the most equitable formula would be 6.2% on 100% of wages for all Americans or (6.2%/100%/100%.) Capitals gains should also be included in the 6.2%.

Sanders bill is bold, fair and courageous. Perhaps we need more independents elected to public office. We must also applaud Congressman DeFazio, a Democrat for the courage to put forth such a cogent bill. It’s a simple formula that will save Social Security for years to come and it’s a fair plan. It’s not perfect, but it’s a start in the right direction. If those Americans making below $113,700 a year encouraged their members of Congress to support the Keeping Our Social Security Promise Act, we’d have a solvent system for several more generations. We should all share the burden to ensure no senior citizen or those with disabilities lives in poverty. We can keep a great system, a great idea, and a great promise alive for another century.

Please support the Keeping Our Social Security Promise Act. A link to the bill’s Fact Sheet is provided below.

About the Writer

John Nelson is a writer for BrooWaha. For more information, visit the writer's website.
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2 comments on Keeping Our Social Security Promise Act

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By riginal on March 18, 2013 at 11:33 pm

great post John. It is always the independants in Australian politics that seem to come up with the most equitable ideas, and more importantly lashings of common sense.In the main they are ignored and overwhelmed by vested interests. One such senator tried to bring in some rules in the gambling arena but obviously the 'big game' hunters didn't want to see their golden goose plucked somewhat. The senator in question was arrested and deported recently because he spoke from the heart and not the pocket.Good on your guy!

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By Caballero_69 on April 26, 2013 at 05:00 pm

Thanks for posting this informative piece.

You nailed one galling inequity in the way things are now done. The vast majority of ordinary Americans pay 6.2% of their earned income to support social security. The richest pay a vanishingly small percentage.

What was meant to be a proportionate tax has been transformed into a regressive tax by the indifference of lawmakers and special pleading of the wealthy and influential.

I will support the Keeping Our Social Security Promise Act.

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