Social Security

From Pete Ashdown Campaign Collaboration Wiki

Social Security is one of the most successful and popular government programs of the 20th century and beyond. With comparatively minor adjustments, it will be viable for many many years to come.

For example, all annual income above $90,000 is currently exempted from Social Security taxation. As a result, the tax rate for the average worker is higher than the tax rate for star athletes, corporate CEO's, etc. Simply repealing this regressive provision, so that high earners paid their fair share, would eliminate 90% of the shortfall projected by the Social Security Administration. Even the less drastic step of raising the cap to $140,000, as recommended by the AARP, would greatly improve the long-term financial picture.

So-called "Privatization" plans were so unpopular with the general public that they have been shelved by the ruling Republican Party, and should not be revisited by the Congress.

Since the FICA tax is such a regressive tax, Americans under the age of 18 and thus ineligible to vote should be freed from paying FICA taxes on earnings up to the minimum wage.