As a retired senior who depends on Social Security to supplement my income, I’m getting extremely tired of the constant threat of taking away our earned benefits by the GOP. It’s been a never-ending battle but the Republicans for decades have pushed to cut benefits from people who depend on them under the pretense of being fiscally responsible, which is laughable, but that’s subject for another letter.
I recently listened to Sen. Curtis on a Sunday morning show chuckling about how the American people need to come to terms about changes needed to make the program sustainable. I agree for the most part, but rather than cutting benefits for existing and future recipients, there is a much better solution.
Social Security is self-funded and it’s one of the most popular and successful programs ever. It’s keeping 24 million people out of poverty.
But it does need some changes. If we don’t do anything, it will be able to pay out 100% of benefits until 2033 and thereafter only 77% of benefits.
The solution is to do away with the millionaire loophole. Anyone making $170,000 and over only has to pay Social Security taxes on that amount and not on the rest of their income. Someone making $20 million per year is only paying the SS tax on 1% of their income, while the rest of us have to pay the tax on 100% of our income.
With the massive income equality in our country the vast majority of our country’s wealth is not taxed. So the best solution to the problem would be to do away with the millionaire loophole and limit people who have a big income from collecting SS.
This solution could fund Social Security fully for another 80 years. Unfortunately, the GOP represents the wealthy and will continue to take benefits away from the working class and give to the rich.
I encourage everyone to write to their representatives and ask them to preserve the benefits that Americans need.
Karl Pettigrew, Logan
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