Protecting Social Security from Corporate and Establishment Attacks
One of our most solemn obligations as Americans is to follow through on our commitment to protect and care for our seniors. The Social Security Act, passed during the New Deal in 1935, prevented millions of seniors from entering poverty. Jim would work to prevent disastrous efforts on the part of the deep-pocketed Washington establishment to dismantle this key program.
Social Security is one of the most successful federal programs ever created, and many Republicans, including Representative Hultgren, are attempting to destroy it. Efforts to privatize Social Security will serve only the Wall Street lobbyists interested in profiting from the fees paid by seniors and working Americans saving for their well-earned retirement.
Contrary to statements made by corporate-funded lobbyists, politicians, and Washington think-tanks, Social Security is not going broke. The Social Security Trust Fund can pay out benefits in full until 2037. In fact, by simply eliminating the cap on income that is subject to payroll taxes, we can preserve the balance of the Trust Fund for decades to come – you can find more details on this plan in the section on Jim’s tax plan.
“Contrary to statements made by corporate-funded lobbyists, politicians, and Washington think-tanks, Social Security is not going broke.”
We must fight back against these malicious efforts to throw America’s seniors back into poverty by standing up for Social Security. If elected to Congress, Jim will oppose any and all cuts to Social Security, including raising the retirement age, adoption of “chained-CPI”, or any benefit cut. In all of the years that Social Security has existed, only three have resulted in a non-increase in cost of living standards used to decide the amount of benefits disbursed.
All three of those years have been since 2010. This means that in an environment where many seniors have lost their retirement savings due to Wall Street recklessness, the social security program has been less generous than at any point in recent history. For this reason, I believe we should expand Social Security benefits, so current and future retirees don’t have to live out their golden years in financial distress.
Making the Payroll Tax Fair and Improving the Balance of the Trust Fund
Jim’s plan eliminates the payroll cap for incomes over $500,000 per year, to broaden the base of this tax and make it fairer and more evenly distributed. Additionally, we should pass a tax reduction of 3.8% to provide immediate tax relief to working families for whom payroll taxes typically cost them more annually than their federal income taxes, while increasing the balance of the Trust Fund by at least $35 billion annually. It is simply wrong for billionaires to pay a lower percentage of their income in payroll taxes than kindergarten teachers.