Social Security has three sources of revenue
Social Security revenues are derived from three primary sources, as explained by Dan Caplinger in this piece. First, the program collects payroll taxes from employees and employers. Second, it collects income taxes on the portion of Social Security benefits that are included in taxable income. Third, Social Security uses interest that the money in the Social Security trust funds generates. It is possible to address the ailing health of the Social Security program with benefit cuts and raising the retirement age. But many believe maintaining the fiscal viability of the program will require changes to boost program revenues. Read Caplinger’s full piece 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.
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