American Enterprise Institute decries Soc Sec tax hikes will hurt poor the most
Matt Weidinger of The American Enterprise Institute recaps the problems with Social Security’s long term finances. He commends Democrats in the House for tackling reform with their Social Security 2100 Act, which would allow the program “to pay all scheduled benefits in full” over the coming 75 years, according to the system’s actuary. But the proposed Social Security tax increases in the bill are large and would cover not only current funding gaps but also the cost of benefit expansions. Weidinger feels Americans are neither ready nor supportive of this method of shoring up Social Security. Read his critique of the bill here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.