The Social Security fund that pays most retiree benefits will be insolvent within a generation. What steps should Congress take to protect Social Security?
The Social Security fund has been repeatedly borrowed against to sustain spending without hard decisions being made to take the responsibility of adjusting revenue. The largest amount of money was borrowed to fund the tax cuts of the 1980s, which went to the wealthiest Americans. Raising the ceiling on Social Security contributions brings the revenue back into the fund from those who received them as tax cuts.
Tax cuts rewarding the wealthy now, at the expense of further deepening our national debt, is irresponsible. The ceiling on contributions should be raised or removed in 2018, to correspond with tax cuts to the wealthiest, to the level that will guarantee its solvency.
We cannot allow the debt crisis being artificially brought about by this tax reform package to be used to further invade the Social Security fund and to begin to dismantle it as a program.