To the Editor:
The New American's April 23 headline cried, "Social Security Taxes Won't Meet Payouts Starting Next Year."
So-called conservatives have been predicting the demise of Social Security Insurance (SSI) for at least 50 years. Despite their cries, the system is still solvent and it can remain so by simply raising the cap on the payroll tax. Roughly 94 percent of workers contribute 12.4 percent of their earnings to fund SSI but the wealthiest 6 percent pay less because the maximum earnings subject to payroll tax in 2019 is $132,900 resulting in lost revenues of roughly $1.4 trillion per year. This means the poorest of millionaires, those earning only $1,000,000 this year, made their last contribution on February 18, just 49 days into the year. (Center for American Progress)
Once again, those who can best afford to support government services pay the least while the rest pick up the tab.
Clearly the cure for SSI, if one is needed, is to raise the cap. So let's stop crying wolf on SSI and do it. After all, $1.4 trillion can do a lot of good within a year.
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Mark Winegar
Vermillion
