The loudest calls for cutting Social Security come from wealthy CEOs who will never have to worry about their own retirement security.
The roughly 200 CEOs who collectively make up Business Roundtable — a business lobbying group that often pushes conservative views, including Social Security cuts — have average retirement savings of $14.5 million, according to a new report by the Institute for Policy Studies and the Center for Effective Government.
That’s about 1,200 times bigger than what the median American worker has saved for retirement a decade before the end of his or her career, according to the study. (That paltry amount is just $12,000, by the way, according to a separate report.)
But by simply requiring upper-income taxpayers to pay the same tax rate as middle-class families, Social Security’s benefits could be expanded — AND its funding would remain in balance for decades beyond the longest projections.
Social Security is funded through deductions to everyone’s paychecks. We pay in while we’re working, and then collect benefits when we retire or become disabled. But not everyone pays equally into the system: Social Security taxes are only collected on the first $118,500 earned per year. Any income above that cap isn’t taxed.
Join us to tell the President and members of Congress: it’s time to expand Social Security by ensuring everyone pays the same tax rate for the same guarantee.
For a full understanding of the report’s methodology, you can click here to read the report. [Original: Huffington Post]