Trump’s 3 Most Ridiculous Social Security Ideas
Sean Williams of The Motley Fool takes issue with three proposals put forward by the President on Social Security. He admits the President has avoided directly changing the program in his first term. But Williams dislikes the payroll tax elimination. Indeed, it would move the insolvency date for Social Security to mid 2023, unless an alternative revenue source were found. The President has suggested general tax revenues. The other two ideas are old and perhaps even tired, as they hail from a book Trump wrote on 2000. In it he called for a wealth tax on the ultra rich to shore up Social Security as well as partial privatization. Read the full analysis by Williams in his article 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.