Be the guy who brings up closing the Social Security earnings cap loophole on the floor of the Senate.
Currently, earned income in excess of $113,700 is entirely exempt from the 6.2 percent payroll tax that funds Social Security benefits (employers pay a matching 6.2 percent). 5.2 percent of working Americans make more than $113,700 a year. Simply by eliminating the payroll tax earnings cap — and thus ending this regressive exemption for the top 5.2 percent of earners — would, according to the Congressional Budget Office, solve the financial crisis facing the Social Security system.
So why don’t we talk about raising or eliminating the cap – a measure that has strong popular, though not elite, support?
via the NYT by way of eschaton.
Senator Coons is still obsessed with proving he is not a bearded Marxist. I think he may be overcompensating.
He is an idiot.
Senator Coons, close the Social Security earnings cap loophole. (I just wanted to get that off my chest.)
I don’t know if Coons going to give up his pro-1% leanings, but I love calling it a “loophole.” That’s exactly right.
Has everyone dropped “Yeah, We need to close the Social Security earnings cap loophole.” into 5 random conversations today? No? Get busy.
Super idea but Coons don’t have the stones, Carney don’t have the brains and Carper is like a lingering fart.
Last year, Senator Mark Begich had introduced a bill to increase the Social Security cap. Last month, Senator Begich and Rep. Ted Deutch reintroduced that bill — called the Protecting and Preserving Social Security Act.
Nice, right? Call Senators Coons and Carper and Rep. Carney to ask them to support this and be co-sponsors.
This is great and I will call their wilm & DC office first thing monday.