WASHINGTON, D.C. — The MoveOn organization is gearing up to challenge Republican efforts to scare people into accepting Social Security benefit cuts.
“Anyone who insists Social Security is broke probably wants to break it themselves,” said an email delivered to the group’s five million members.
Warning that conservative Republicans are seeking to raise the retirement age or cut benefits, MoveOn said, “Social Security is under attack and we need to fight back against the lies.”
SEE MORE AT MOVEON.ORG
The group says raising the retirement age is the same as an across-the-board benefit cut and proposed reductions are unnecessary.
Social Security is not going broke – according to government projections, the program is building a surplus that will reach $4.3 trillion in 2023 and there will sufficient funding to pay full benefits through 2037.
The Social Security Trust Fund is not full of ‘IOUs’ as critics claim; surplus funds have been invested in U.S. Treasury securities that are no riskier than government bonds.
Instead of cutting retirement benefits, MoveOn says the super-rich are not paying their fair share because income over the first $106,000 is not subject to Social Security taxes.
In other words, a middle-class taxpayer earning $106,000 makes the same Social Security contribution as an average corporate CEO who collected $9.25 million in total compensation in 2009.
A worker earning $35,000 would pay about one-third of the Social Security tax imposed on those CEOs, whose income is more than 250 times greater than that of a typical American.
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