Hey Senator Coons, do you want your fame to live beyond eternity?
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.