Congressman Southerland brags that he is protecting the Social Security program. The truth is Southerland voted for cuts to Social Security under the 2014 Ryan Budget. We need to tell Southerland to vote to remove the payroll tax cap/Senate Bill 567, Strengthening Social Security Act of 2013. Currently, a billionaire like Bill Gates pays the same amount of money in payroll taxes as someone making $110,100 a year because deductions are capped at this amount. The middle-class bears the burden in percentage of income of this program that all payers benefit from. Thats not right. If the payroll tax cap is removed, Social Security will be made solvent for the next 75 years. Removing the cap only affects the richest 6 percent of Americans. The Strengthening Social Security Act reduces the SS shortfall and extends the life of the SS Trust Fund by gradually lifting the payroll cap - all while increasing SS benefits by about $65 per month. It also adopts the CPI-E as the proper measure for calculating SS cost-of-living-allowance. In prior years the Republican Congress proposed privatizing Social Security. The 2014 budget changed tactics with provisions that disguise benefit cuts. Analysis of Ryan Budget Provisions for Social Security by Alliance of Retired Americans: The law requires Social Security Administration to do actuarial analyses for 75 years. Most pension funds and other budgeting processes do a 30-year analysis. [Compare this to the US Postal Services that is required to do a 75-year analysis that helped create its current budgetary problems.] If the Ryan budget became law it would impose drastic cuts to Social Security benefits by creating a fast track mechanism for Social Security cuts. Under the plan if, in any one year, the Social Security Trust Fund was not in a 75-year actuarial balance, the law would require Congress and the President to propose legislation to bring it into a 75-year balance, which would have to include benefit cuts. Social Security finances change every year because of the economy, how many people are working, the number of beneficiaries and a host of other reasons. The HR 25 proposal an arbitrary way of imposing cuts. Because Social Security is so popular, Ryan and the Republicans learned not to attack directly in the budget like they did with Medicare. Instead they created this fast track mechanism. To learn more, got to the Alliance of Retired Americans website for their letter opposing the Ryan Budget and a chart of the House, Senate, and Administration budget proposals (both are also on on their website): libcloud.s3.amazonaws/24/df/a/2071/Ltr_of_Opposition_to_Ryan_Budget_FY2014_FINAL.pdf libcloud.s3.amazonaws/24/ed/7/2081/2013_Budget_Comparisons_FY_2014_FINAL.pdf THESE PROPOSALS ARE CURRENTLY BEING CONSIDERED BY THE SENATE-HOUSE BUDGET CONFERENCE COMMITTEE. Excerpt from HR 25, 2014 HOUSE BUDGET RESOLUTION Sec. 704. POLICY STATEMENT ON SOCIAL SECRUITY. ------- (b) Policy Statement on Social Security.--It is the policy of this resolution that Congress should work on a bipartisan basis to make Social Security sustainably solvent. This resolution assumes reform of a current law trigger, such that: (1) If in any year the Board of Trustees of the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund annual Trustees Report determines that the 75-year actuarial balance of the Social Security Trust Funds is in deficit, and the annual balance of the Social Security Trust Funds in the 75th year is in deficit, the Board of Trustees shall, no later than September 30 of the same calendar year, submit to the President recommendations for statutory reforms necessary to achieve a positive 75-year actuarial balance and a positive annual balance in the 75th- year. Recommendations provided to the President must be agreed upon by both Public Trustees of the Board of Trustees. (2) Not later than December 1 of the same calendar year in which the Board of Trustees submit their recommendations, the President shall promptly submit implementing legislation to both Houses of Congress including his recommendations necessary to achieve a positive 75-year actuarial balance and a positive annual balance in the 75th year. The Majority Leader of the Senate and the Majority Leader of the House shall introduce the Presidents legislation upon receipt. (3) Within 60 days of the President submitting legislation, the committees of jurisdiction to which the legislation has been referred shall report the bill which shall be considered by the full House or Senate under expedited procedures.
Posted on: Mon, 21 Oct 2013 01:25:56 +0000
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