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Ron Crumpton on Social Security

 

 


Eliminate the cap on the social security tax

Q: Do you agree or disagree with the statement, "Privatize Social Security"?

A: Strongly disagree. Eliminate the cap on the social security tax

Source: Email interview on 2016 Alabama Senate race with OnTheIssues , Nov 26, 2015

Eliminate the cap on the social security tax

Currently, 9% of those over 65 and more than 1/3 of the disabled are living in poverty. If it were not for Social Security, 42% of the elderly and more than 3/4 of the disabled would be living in poverty. That equates to 22 million Americans that would be living in poverty without Social Security. The problem is that Social Security is going broke.

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.

Source: 2016 Senate campaign website CrumptonForAlabama.com , Jul 23, 2015

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