Time for millionaires to pay their fair share into Social Security

This year’s Social Security Trustees Report shows that, contrary to fiscal hawk propaganda, Social Security is neither going bankrupt nor in immediate peril. The system’s financial health has improved over the last year, and Congress now has before it a landmark piece of legislation that could put Social Security on a sound financial footing for the rest of the century — and provide seniors a modest benefit boost and tax relief.

The “Social Security 2100 Act” asks the wealthiest Americans to pay more into Social Security by raising the cap on payroll taxes, because millionaires are exempt from paying their fair share of Social Security taxes.

Please help the National Committee put pressure on lawmakers to pass this critical bill that would end the unfair Social Security tax loophole for the very rich by signing our TIME-SENSITIVE PETITION today!

Take Action Now!

Your Information

Title *

First name *

Last name *

E-mail address *

Address *

Address Line 2

City *

State *

Zip Code *

Phone

Your Message

Subject This tax loophole is starving Social Security

Dear [my representative]

Message

According to the latest Social Security Trustees Report, Social Security reserves are expected to last until 2035, with the government able to pay 80% of benefits after that time. Yet Social Security’s future solvency could be strengthened for decades more if the wealthy paid their fair share into this program. Currently, the Social Security payroll tax cap is set at $132,900. So when millionaires hit that income threshold, usually by February of each year, they stop paying into Social Security. In stark contrast, the average American worker contributes payroll taxes throughout the entire year.

The payroll tax cap prevents billions (with a “b”) of additional dollars from flowing into the Social Security Trust Fund. Ending this massive tax loophole that only benefits the very wealthy and starves Social Security of needed revenue to pay for future benefits would go a long way in strengthening this vital program.

That’s why I urge you to cosponsor H.R. 860, the “Social Security 2100 Act,” a bill that would raise the payroll tax cap, and eventually eliminate it altogether. Given the universal nature of Social Security, someone making more than $132,900 should have to contribute the same percentage of their income into Social Security as someone making just $35,000 a year. Anything else is simply unfair.

While some lawmakers have advocated cutting benefits and raising the retirement age to address Social Security’s future shortfall and to preserve the tax loophole for millionaires, I believe that benefits should be boosted and the program’s solvency strengthened by lifting the payroll tax cap — so that millionaires pay their fair share. Thank you for your commitment to strengthening Social Security for current and future beneficiaries.

Sincerely,

[First Name] [Last Name]