Thursday, March 14, 2013

Two U.S. Senators Join Forces to Strengthen Social Security

In an effort to strengthen the Social Security for the future generations, two U.S. Senators joined forces to introduce a bill that would prevent the federal program’s fund from insolvency.

Through their official web pages, senators Bernie Sanders and Sheldon Whitehouse spread the word that they are currently working out on a new bill which they called Keeping Our Social Security Promise Act. The bill was said to ensure that the Social Security would remain solvent for the next 50 years by requiring the wealthiest Americans to pay fair taxes as the poor citizens do.

As we all know, experts speculated that the said federal fund is likely to drain by 2033. Unfortunately, under the current law, the federal program is being funded by payroll taxes coming from wage earners whose income are up to $113,700.00. Wage earners whose income is above that said verge are exempted from the Social Security Tax.  

Obviously, all or most of middle-class workers’ income is subjected to Social Security Tax while the highest earning citizens’ income is exempted from the tax. That is the sad truth.

Now, the new proposed law would abolish the exemption for the Social Security tax income above $250,000.00. Meanwhile, income between $113,700.00 and $250,000.00 would still remain exempted from the tax.

So far, following its introduction, the bill has gained the support of several other U.S. senators like the Senate Majority Leader Harry Reid, Sen. Patrick Leahy, Sen. Barbara Boxer, Sen. Amy Klobuchar, Sen. Al Franken and Sen. Richard Blumenthal.

Consequently, a Los Angeles disability Lawyer lauded the two senators who have been an advocate of protecting the Social Security for years. In fact, in his previous effort, Sen. Sanders has issued a petition to oppose Social Security and Medicare cuts which was also supported by many.