'One thing is clear: any politician who expresses concern about Social Security's finances without being willing to tax the rich is a phony,' writes RJEskow. 'Nothing but a phony.' ScrapTheCap
Like they used to say in the old neighborhood, some things ain't complicated. If your senator or representative won't tax the wealthy to protect and expand Social Security, then they care more about America's 728 billionaires than they do about the 66 million children, disabled, and older people currently receiving benefits—or the many millions that will follow them. They don't deserve to stay in office if they can't represent their own people.
The commission that worked on Social Security's finances in the 1980s raised the cap on the Social Security payroll tax, with the expectation that it would capture 90 percent of the income earned in this country. Asnotes, however, rising income inequality has caused that number to plummet. As of February 28, 2023, a person making a million dollars per year has finished paying into Social Security for the year.
It will take ongoing political pressure to protect and expand Social Security. But it will be a great day when it happens. And make no mistake: that's the play. Romney's bill uses a well-worn playbook for trying to cut popular programs. As the bill'ssays,"Congress must use specified expedited legislative procedures to consider legislation that is approved and submitted by the rescue committees." In other words, it gets rushed to the floor for a vote for an immediate up-or-down vote, without committee review or the chance to revise it.
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