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Fri Nov 23, 2012, 11:08 AM

 

Dem Senator Introduces Bill To Lift Social Security’s Tax Cap, Extend Its Solvency For Decades [View all]

Last edited Fri Nov 23, 2012, 12:58 PM - Edit history (1)

(This has probably been posted but I'm posting it anyway.)



By Jeff Spross
Think Progress
Nov 16, 2012

Social Security, the government entitlement that provides support to seniors in retirement, the disabled, and other Americans, has long been in the cross-hairs of budget reformers. The program’s trust fund currently won’t be spent out until 2033, and after that it would still pay 75 percent of scheduled benefits.

Most of the proposed solutions to the shortfall involve cutting back benefits and raising the minimum retirement age. Both are deeply problematic; at its current level of benefits Social Security kept over 20 million people out of poverty in 2011, many Americans in demanding manual labor jobs already take early retirement and thus reduced benefits as it is, and lower-income Americans have not particularly benefited from the average rise in lifespans .

This week,however, Sen. Mark Begich (D-AK) put forward a reform package that goes in the opposite direction, while still financially securing the program’s trust fund for roughly the next seven decades. The Washington Post’s Dylan Matthews laid out the details:

The Begich bill would lift the current payroll tax cap, which exempts wages in excess of a certain amount ($110,100 this year) from the tax. In turn, it would give high earners, who would pay more, additional benefits upon retirement, just as benefits increase as wages do for workers below the cap.

It also increases benefits across-the-board. While Bowles-Simpson and Domenici-Rivlin adopt a stingier “chained CPI” measure for inflation, Begich adopts “CPI-E,” or a measure that specifically captures inflation in goods that seniors buy.

Due to deteriorated health and other considerations, goods seniors buy tend to be more expensive than those younger people purchase. Begich’s CPI-E change would mean, effectively, a 4.5 percent benefit increase for the program’s beneficiaries, including not just seniors but their designated survivors and disabled Americans as well.


More: http://thinkprogress.org/economy/2012/11/16/1208701/democratic-senator-introduces-bill-to-lift-social-securitys-tax-cap-extend-its-solvency-for-decades/

Edit: Contact Information for Mark Begich:

Senator Mark Begich

111 Russell Senate Office Building

Washington, DC 20510

phone. (202) 224 - 3004

fax. (202) 224 - 2354

Toll-free line: (877) 501 - 6275

Hours: M-F 9:00am - 7:00pm

Senate page: http://begich.senate.gov/public/index.cfm/home

Email: http://begich.senate.gov/public/index.cfm/emailsenator

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Reply Dem Senator Introduces Bill To Lift Social Security’s Tax Cap, Extend Its Solvency For Decades [View all]
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