Social Security, begun under Franklin D. Roosevelt’s New Deal in 1935, has been a life saver, a guarantee that senior citizens, widows, orphans, and the disabled will always have a safety net.
But with the number of people on Social Security rising rapidly as the Baby Boom Generation ages, there is a need to insure the long term future of the program, not only for people born between 1946 and 1964, but for all citizens who are paying into the program, and want to be insured that they will be able to collect when they reach retirement age, along with widows,orphans and the disabled.
So Senator Tom Harkin of Iowa and Senator Mark Begich of Alaska have proposed what others have suggested over the years, but has never happened.
That is, that there be no limit on income taxed for Social Security, just as there is no limit on income taxed for Medicare!
Presently, the income limit taxed is $113,700 in 2013, with the tax being 6.2 percent of income.
If the income limit taxed is withdrawn, there will be enough funding for Social Security for the long term future, and it is unfair that higher income earners have had a free break from being taxed, putting the burden on the lower income workers!
Additionally, the cost of living increases should be based on inflation reality, rather than the “chained CPI”, which distorts inflation on a lower level than costs which affect senior citizens!
If we do not treat the elderly and the disabled with respect and consideration, what kind of a nation are we, particularly for those who have limited ability to continue to earn income to stay out of poverty, particularly in a time of increased medical costs, high unemployment, and lower home equity for millions of people entering their “golden years”!