Fixing the Shortfall with Social Security is the #1 Concern for People who Depend on Social Security as their Major source of Income.
If Congress enacted the following just look at the Results.
#1 Subject all Income over $400,000/yr to be taxed for social security. This would reduce the shortfall by 60%. Surprisingly this is Supported by 85% of Republicans & 92% of Democrats.
#2 Increasing payroll tax from 6.2% to 6.6% over the next 6 years would reduce the shortfall by 15%. Surprisingly this is Supported by 85% of Republicans and 88% of Democrats.
#3 Reducing Social Security benefits for the top 20% of income earners, reducing the shortfall by 11%. Surprisingly this is Supported by 90% of Republicans and 94% of Democrats.
#4 Gradually raising retirement age from 67 to 68 by 2033 would reduce the shortfall by 15%. Surprisingly this is supported by 89% of Republicans and 87% of Democrats.
- If Congress Implemented the above it would eliminate 101% of the Social Security Trust shortfall, that supports Social Security, for approximately 75 yrs. This is more than an entire working generation. This would allow ample time to improve the system & eliminate any waste, as well as requiring people that are not of retirement age, but are collecting benefits, to re-verify their eligibility. (Possibly requiring re-verification of eligibility every 3-5 years).
- So when our Representatives say, they need to check with their constituents, just who are they talking to, given the Republican & Democratic Support on the above.
