Dem’s Social Security 2100 bill: big on taxes; small on reform
The Social Security 2100 Act was introduced in Congress last month with great fanfare, and about 200 Democrats quickly lined up as co-sponsors for the bill, authored by the new Democratic Chairman of the House Committee on Social Security. But, according to this FOX Business Report by Jason Pye, the bill is little more than Democrat’s usual solution to financial issues - raising taxes. And the higher taxes proposed wouldn’t only hit “the rich” as many Democratic proposals suggest, but rather would increase the Social Security payroll tax across the entire population of American workers, regardless of their financial standing. As proposed, the bill raises the Social Security portion of the payroll tax on both individuals and employers from 12.4% to 14.8% of earnings which, according to at least one small business owner who testified, would hurt both his employees and his business. The article opines that any serious approach to Social Security reform shouldn’t suggest simply raising taxes, but should include ways to reduce program costs by, for example, gradually increasing the full retirement age to 69.
AMAC has been at the forefront trying to strengthen Social Security by developing and proposing its Social Security Guarantee. AMAC has been discussing and continues to discuss this common-sense solution with Congressional Representatives in its efforts to protect America’s senior citizens who rely on Social Security. To review AMAC‘s Social Security Guarantee, click here.
To read the FOX Business News article by Jason Pye, click here.
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