Closing Thought–19Feb19
As a person who has retired and getting Social Security I am always looking at what is going on in DC….I fear they will privatize it and us old farts will be screwed (as usual)……
Bernie has authored a bill to strengthen Social Security…..the Social Security Expansion Act……
Extend the solvency of Social Security for 52 years to the year 2071 by requiring the wealthiest American households to pay their fair share of taxes. Today, because of the earnings cap on Social Security taxes, a CEO making $20 million a year pays the same amount of money into Social Security as someone who makes $132,900 a year. This legislation would lift this cap and subject all income above $250,000 to the Social Security Payroll tax. Under this bill, 98.2 percent of wage earners would not see their taxes go up by one penny; Expand Social Security benefits across-the-board. Under this bill, Social Security retirement benefits for low-income Americans would go up by about $1,300 a year; Increase Cost-Of-Living-Adjustments (COLAs). This bill would more accurately measure the spending patterns for seniors by adopting the Consumer Price Index for the Elderly (CPI-E). Older Americans, by and large, are not going out on spending sprees buying big screen TVs, laptops, or the latest high-tech gadgets. Rather, they spend a disproportionate amount of their income on health care and prescription drugs and that would be reflected in the formula for calculating COLAs under this legislation; Improve the Special Minimum Benefit for Social Security recipients. This bill will help low income workers stay out of poverty by updating the Special Minimum Benefit to make it easier for them to qualify and by increasing and indexing the benefit level so that it is equal to 125 percent of the poverty line; Restore student benefits up to age 22 for children of disabled or deceased workers, if the child is a full-time student in a college or vocational school. This legislation restores student benefits that were eliminated in 1983 to help educate children of deceased or disabled parents;
Combine the Disability Insurance Trust Fund with the Old Age and Survivors Trust fund to help senior citizens and persons with disabilities.
I like his plan….
A final thought……
Just an FYI
Read and learn…..
A closing thought…I am an old fart and I remember……
Turn The Page!
A good plan from Bernie. But it’s unlikely to ever be implemented.
Best wishes, Pete.
More Dem candidates are embracing a lot of Bernie’s ideas…..so for now it looks good…..chuq
First idea by Bernie I support.Should not have to pay tax on monthly benefit either. I was already taxed when paying into it by income tax. Now it is taxed social sec tax, medicare tax, and income tax again. Certainly a “double take”. The Reagan tax “reform” screwed the middle class.
Sadly the MC has been steadily screwed ever since…..chuq
I will be posting more on Bernie a little later….chuq