Phasing out Social Security for The Rich: A Good Idea?
Various proposals over the years have talked about “means-testing” the Social Security program. Proponents see it as a way to save money for a program headed for insolvency, essentially arguing “why pay for people who don’t need it?” Alternatively, others argue that benefit reductions or even elimination after a certain income threshold would fundamentally change the nature of Social Security. It would undermine the “I paid into it” argument and make Social Security more of a welfare program, opponents of means-testing contend. Dan Kaplinger of The Motley Fool discusses both sides in an informative article. As he points out, some means testing is already occurring in the form of benefit taxation after certain income levels are reached. Full article here.
The Association of Mature American Citizens (AMAC) has developed a bipartisan compromise bill, “The Social Security Guarantee Act,” which strengthens Social Security for present and future generations with modest changes now to head off across the board for all in the future. The plan takes selected portions of bills introduced by Rep. Sam Johnson (R-TX) and Rep. John Larson (D-CT) and merges them with the Association’s original legislative framework to create the new Act. AMAC is resolute in its mission to get the attention of lawmakers in DC, meeting with a great many congressional offices and their legislative staffs over the past several years. Learn more about AMAC’s Social Security Guarantee here…