Op-ed: NO tax increases to fix Social Security
Alfredo Ortiz, president and chief executive of the Job Creators Network, flatly rejects any tax increase as the fix for what ails Social Security in this op-ed piece in The Hill. Ortiz specifically cites legislation introduced by Rep. John Larson (D-CT), chairman of the House Social Security Subcommittee, to raise the Social Security tax by 2.4 points, divided between employer and employee, to 14.8 percent of income. More than 200 Democratic cosponsors have signed on to Larson’s bill. Ortiz feels the bill would be a burden on both the younger generations, who would pay higher taxes, as well as on employers who try to create additional jobs. He favors economic growth and feels policymakers should pass reforms that boost the economy, which will in turn increase Social Security contributions to guarantee its solvency. Read the full op-ed 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 Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a new yet voluntary early retirement 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 legislative staffs over the past several years. Read AMAC’s plan here.