A: We need immediate, continuous, national dialogue on the issue of Social Security. We need to preserve benefits for those that have paid in. We need to explore all solutions for ensuring that a viable long-term manner of financial security is possible for younger generations.
A: Strongly disagree. Eliminate the cap on the social security tax
Under the current tax provisions, Social Security will only be able to meet its requirements through 2033. The fix is simple. We need to eliminate the cap on the social security tax. The current cap is $118,500, which means you only pay the tax on the first $118,500 in earnings. That means that a person making $50,000 a year pays the tax on their full earnings, but a person making $250,000 pays the tax on less than half of their earnings. If we remove the tax, we would be able to raise benefits, lifting more Americans out of poverty, and the program would remain solvent for an additional 75 years.
A: We've got to save Social Security. People have depended on it and they've paid into it all their working lives. The Senator was quick to point out all the money paid in to Social Security is not enough, though, because people are living longer. "We need to make some adjustments now--smaller series of adjustments to put those programs on a sound basis, and everyone who's going home at night, working hard, can sleep well knowing that they're going to have these benefits in the future," said Sen. Sessions.
|2016 Presidential contenders on Social Security:|