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Changes to Tax Policy can Help Shore Up Social Security
This article by Andrew Leahey for Drexel university School of Law discusses ways to make up for the Social Security shortfall. Per his prospective raising taxes on upper income earners and including investment income to expand the Social Security tax base would work. Putting these two options into effect would be more politically acceptable in lieu of unpopular cuts or rate hikes. Read here…
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized to meet the demands of 21st-century economics. AMAC’s position is that this can be achieved without payroll tax increases via slight program modifications, including cost of living adjustments and payments to high-income beneficiaries. AMAC also supports an increase in the thresholds where benefits are subject to income tax, along with indexing of these thresholds annually to account for inflation. The AMAC position also calls for eliminating the reduction in benefits for those choosing to work before full retirement age, and advocates for improved savings tools for future retirees. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade.
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