While Republicans push cutting benefits, raising the retirement age, and privatizing the program altogether – the Center for Economic and Policy Research found that simply by eliminating the cap on federal payroll taxes would make Social security solvent – and paying out full benefits – for the next 75 years. Currently – Americans only pay Social security taxes on their first $110,100 – meaning most working Americans pay the tax on their full income – while Romney super-rich Americans pay the tax only on part of their income.
Lifting the cap – and making millionaires and billionaires pay their fair share in Social Security taxes would only affect 6.8% of American workers. So what plan is better for America? The Republican plan of raising the retirement age so you have to work into your 70’s? Or lifting the cap – forcing Mitt Romney to pay the same Social Security tax rate as working Americans – so that we can all enjoy a decent retirement?