Scrap the Cap and Save Social Security!
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Sponsor: The Veterans Site
Social Security could run out by 2033, when recipients will see their monthly checks cut by about 25 percent. Take a stand!
Social Security is currently supporting 65 million Americans through the U.S. federal payroll tax (FICA), but the system is not sustainable1.
Social Security trustees announced that the trust fund would run out of money in 20332.
Life is not getting easier for older Americans.
The Old-Age and Survivors Insurance (OASI) Trust Fund, which provides benefits for retirees, is also expected to run out of money by the end of 2033. Tax revenue will cover just 76% of scheduled benefits after that year. The Disability Insurance Trust Fund, which provides disability benefits, is meanwhile funded through 20573.
Even Medicare will run out of its current funding by 20264.
When these funds run out, Social Security recipients will see their monthly checks cut by about 25 percent. Millions of elderly Americans will fall into poverty as their incomes are drastically reduced. This will have a terrible impact on the economy, and will make survival a challenge for those who rely on Social Security5.
The cap on FICA contributions allows the richest one percent of Americans to avoid contributing to the national retirement fund6. The current cap on contributions is $147,000 in 20227. If we 'scrap the cap,' Social Security revenue could rise by 50% and the Social Security system would remain solvent8, funded by wealthy Americans paying the same small tax already paid by almost everyone else9.
Take a stand for the future of all Americans. Sign the petition and ask the federal government to eliminate the cap on contributions to FICA and Social Security!
- Social Security Administration, "Social Security Fact Sheet."
- Michelle Singleterry (3 September 2021), "Covid took one year off the financial life of the Social Security retirement fund."
- Thomas Barrabi, Fox Business (31 August 2022), "Social Security funds could run out of money sooner than expected, forecast warns."
- Trina Paul, Select (10 Febraury 2022), "Will Social Security run out of money? Here's what could happen to your benefits if Congress doesn't act."
- Julie Rovner, NPR (21 July 2020), "Another Problem On The Health Horizon: Medicare Is Running Out Of Money."
- National Committee to Preserve Social Security & Medicare (10 February 2015), "America's Richest 1% Won't Contribute Another Dime to Social Security All Year."
- Congressional Research Service (22 December 2021), "Social Security: Raising or Eliminating the Taxable Earnings Base."
- Lorie Konish, CNBC (30 April 2022), "Wages up to $147,000 are currently taxed for Social Security. How that could change."
- Elizabeth Bauer, Forbes (13 February 2019), "How To "Scrap The Cap" The Right Way."
To the Social Security Administration,
The Social Security system is a critical source of income for 65 million Americans, but it is expected to run out of money in 2033.
When these funds run out, Social Security recipients will see their monthly checks cut by about 25 percent. Millions of elderly Americans will fall into poverty as their incomes are drastically reduced. This will have a terrible impact on the economy, and will make survival a challenge for those who rely on Social Security.
The average monthly Social Security payment for retired workers was $1,556.72 in July 2021. That payment could be cut to $1,183.11 in 2033, unless the cap on FICA contributions is lifted.
Lifting the contribution cap will raise Social Security revenue by 50% as the wealthiest contribute to the system, paying the same tax as their fellow hardworking Americans.
We cannot expect our senior citizens to bear the burden of such a drastic loss of income. Please remove the cap on FICA contributions and ensure a brighter future for all Americans.