The Rich Don’t Pay Their Fair Share for Social Security
The rich on the right are surely laughing.
They’ve managed to whip up a media frenzy of rabid attacks against public employees — who are our firefighters, street sweepers, teachers, police officers, librarians and garbage collectors.
Through their friends the Koch brothers and their buddies at Fox, the rich on the right are using expensive TV ads — and their own pontificating pundits and politicians — to create an anti-union firestorm.
With some success, the rich on the right in Wisconsin tempted working-class wage earners to attack their own brother and sister workers in public jobs. And now, in Michigan, they’ve taken aim at all jobs.
“All unions are evil. Let workers have the ‘right to work’ without paying their dues, even though the union is made up of your fellow workers, even though the union negotiated for the increase in your paycheck.”
‘Why, those union workers get pensions! They get health benefits! They made us put in safer lighting.”
But what about the rich-on-the-right? Who watched out for them, when they were sinking and had no union? Who came to their aid, when they were going under (and taking us with them)?
We did. And, instead of being grateful, they gave themselves bonuses with our money.
To keep us distracted from their profits at our expense, the rich-on-the-right also bring up the dreaded specter of the baby boomers — most of whom are working people — who have the audacity to retire, placing an enormous ‘burden’ on the rest of us, and threatening Social Security!
‘Why, you folks should invest that money in our banks, in our investment products,’ they say. ‘Make Social Security private and we’ll take good care of your money,’ they say.
Well, you say. Maybe they have a point.
Want to know, truly, how to keep our Social Security solvent?
Take away the Social Security tax exemption for the rich.
What? They get an exemption from the Social Security tax?
Indeed they do.
All persons making more than $106,800 pay no Social Security tax for their income above $106,800.
Why don’t most folks know this?
Because wealthy, tax-hating people — like the Koch brothers — use the media to get us to fight against one another.
Imagine what would happen, if everybody started paying the Social Security tax on all the money they make each year.
According to the Economic Policy Institute, removing the post-$106,800 exemption means Social Security would remain solvent for the next 75 years.
Think of it — You pay 4.2 percent, taken out of each paycheck, for Social Security.
But for those making more than $106,800? They feel they shouldn’t be bothered.
Uncle Sam has given them this big tax exemption; and they don’t even have a union. They have lobbyists.
Doesn’t seem fair, does it?
And as the rich on the right keep up their attacks on working people, and use their huge bank accounts to foment working-class fratricide (e.g. Wisconsin), they continue to stiff-arm the cameras away from their own privileges.
Hey, Congress! End this Social Security tax privilege for the rich! Make them pay their fair share for Social Security!
No exemptions after the $106,800.
You can bet that, when the rich retire, they cash their Social Security checks. But they don’t want you to know that you paid more to backup their Social Security check than they did.
Tell Congress to end this unfair break for the rich; make them pay their share; no exemptions for income above $106,800.
The Constitution says we are all equal under the law. Then we sure ought to be equal under the Social Security tax.
Working America demands it.
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