House proposes higher payroll taxes for Social Security
Most know by now that Social Security will be facing solvency issues in less than two decades, and rhetoric abounds on the best way to fix the problem. A recent proposal by Rep. John Larson (D-CT) in the House of Representatives puts forth a solution which may look superficially attractive, but a deeper analysis reveals the program will substantially raise payroll taxes on those who can least afford it. It also does nothing to deal with the reality that people are now living decades longer than when Social Security was first enacted. Consequently, the bill lacks the bi-partisan support that will be necessary to move forward, even among some within Rep. Larson’s own Democratic party. Conventional wisdom in Washington, D.C. is that the bill has little chance of actually passing because what’s truly needed is a bipartisan consensus on how to fix Social Security’s looming financial crisis. This Wall Street Journal article by contributor Richard Rubin reviews Rep. Larson’s proposal and the words of those who believe that more work needs to be done before this proposal can advance. .
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.
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