March 2 marked the day that millionaire earners were finished paying into Social Security for the rest of the year. Working- and middle-class Americans, however, continue to pay all year long. If you think that’s absurd, it is.
The problem lies in the income cap that shields millionaires and billionaires from having to pay their fair share. Right now the wealthy are only paying their first $168,600 of wage income. They end up being taxed only on a small portion of their earnings while most Americans end up being taxed on 100% of their earnings.
Elon Musk made $168,600 four minutes into 2024. Tim Cook of Apple reached the cap after 2 hours. The CEOs of many large companies make millions of dollars a year and have already stopped paying into Social Security.
It's time to change that and #ScrapTheCap!
Rep. John Larson, who introduced a bill that would protect Social Security, hosted a tweetstorm on Feb. 29 to protect Social Security benefits and make the wealthy pay their fair share.
If these wealthy CEOs paid into the system on all their income, including unearned investment income, Social Security would have billions more in revenue. And politicians won’t have to use a manufactured debt ceiling crisis and a so-called “fiscal commission” to cut the Social Security behind closed doors. House Republicans have also proposed plans to raise the retirement age to 69 and voted to cut funding for the Social Security Administration by 30%.
We can afford Social Security if the wealthy pay their fair share. After working hard for decades, the American people deserve to retire with dignity and enjoy the earned benefits we’ve paid into.
There are pieces of legislation pending in Congress that would protect Social Security for all of us:
Want to join in the fight?
Sign a petition at Social Security Works to expand Social Security.
Join AFGE and help protect Social Security and our social insurance programs!
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