Sherrod Brown has a solid plan to save Social Security.

[cali]

Ask your reps and the President to support it.

<snip>

Here’s why this is a moral issue. For nearly two-thirds of seniors, Social Security provides more than half of their cash income. For more than one-third of seniors, Social Security provides more than 90 percent of their income. And for one-quarter of seniors, Social Security is the sole source of income. Think of that. After working hard all their lives, one out of four seniors would be destitute, having no income, without Social Security.


<snip>

That’s why I’m co-sponsoring the Strengthening Social Security Act of 2013. This legislation would do a number of things to improve Social Security and ensure its solvency.

First, it would change the Social Security benefit formula so that all beneficiaries will get an extra $60-70 a month. Too many seniors have to pick and choose which bills they can afford to pay each month. This extra money would help make sure they don’t have to choose between paying the heating bill or rent.

Second, it provides a cost-of-living adjustment or COLA that actually reflects the rising costs seniors face. The current formula used to calculate COLAs for Social Security recipients actually measures the costs of younger, employed individuals—and simply does not reflect a retiree’s true expenses, which can include high prescription drug bills.

Finally, this legislation would ask the wealthiest Americans to contribute to Social Security the same percentage that working- and middle-class Americans do. This will extend Social Security’s surplus an additional 16 years, from 2033 through 2049.

<snip>

http://clermontsun.com/2013/11/15/sherrod-brownstrengthening-social-security-for-generations-yet-to-come/

[DURHAM D]

1. Could someone flesh this part out for me?

"Finally, this legislation would ask the wealthiest Americans to contribute to Social Security the same percentage that working- and middle-class Americans do."

[cali]

2. raising the cap

[DURHAM D]

5. That means the maximum payout would also need to be increased.

It could also mean taxing for SS on income other than earned wages.

[cali]

9. I don't think that's correct. could you provide some links?

[DURHAM D]

10. common sense

ETA: SS is regressive on the front end and progressive on the back end. In order to pass a bill with a cap removal the equation will need to be kept somewhere near the balance currently in place.

[cali]

11. sorry, but that doesn't answer my question.

[leftyohiolib]

16. funny thing "common sense" in that often it's neither

[Thinkingabout]

3. Currently the wage limit in which FICA is withheld is $113,600, if this limit was lifted then FICA

Of 6.2% would be withheld would yield more funds.

[LuvNewcastle]

4. Right now, people pay SS taxes only on the first $100,000 or so of income.

That's what they mean when they talk about "the cap." Removing that cap so that the wealthy pay SS taxes on all their income, just like everyone else, would save SS.

[DURHAM D]

6. The Senator did not mention the cap.

He might be thinking about taxing something other than wages.

[LuvNewcastle]

7. You're, right, he didn't. I don't know what Brown is thinking exactly,

but removing the cap seems to be the favorite solution for progressives, so I guessed that he was referring to that. Maybe Sen. Brown has something else in mind, though.

[cali]

8. No. He meant raising the cap. He's repeated stated that.

<snip>

Brown is endorsing Tom Harkin’s bill to expand Social Security benefits, which would boost benefits for beneficiaries by $70 per month, change the cost-of-living calculation to keep pace with rising costs of things seniors need, and scrap the payroll tax cap to strengthen the program over the long term. The crusade to expand Social Security got started with liberal bloggers such as Atrios began pushing for it, and gained some momentum when liberal groups such as the Progressive Change Campaign Committee began mobilizing behind the idea.

With Washington chatter centered on a “grand bargain” or at least a “mini bargain” that might involve entitlement cuts, expanding Social Security might seem like a dead end. But when I pushed Brown on whether Dems would rally behind the idea — after all, Chained CPI is in the President’s budget — he insisted Dems should not cooperate in allowing a “Serious” center-right consensus that equates “fiscal responsibility” with cutting entitlement benefits to reign unchallenged.

“The Serious People — with a capital S and a capital P — all have really good pensions and good health care and good salaries,” Brown said. “Raise the cap. There are ways we can bring a lot of money into Social Security. Some Democrats are a bit cowed by the Serious People.”

<snip>

http://www.washingtonpost.com/blogs/plum-line/wp/2013/11/05/liberal-push-to-expand-social-security-gains-steam/

[Scuba]

12. I'd go further. Lift the cap on payroll, impose the tax on capital gains too.

[truebluegreen]

13. +100

By raising the cap and taxing all income we could increase payouts and I assume lower the percentage of withholding...all good things.

[DURHAM D]

14. Agree with this.

Also, I would like to see the payout to non-working spouses adjusted. When a one income couple retires they get two SS checks. How does that make sense in this century?

[cali]

15. yes.

[riqster]

17. That's my senator! nt

[Enthusiast]

21. Mine too.

[pansypoo53219]

18. eliminate the cap. add a child stipend.

[cali]

20. you clearly know zip about what SS actually is.

now fuck off, trolly.