Social Security is one of the best social contracts ever created, and like the rumor of Mark Twain’s death, the alarms being sounded about it are greatly exaggerated.

Far from contributing to the debt problem, Social Security through its surplus revenue has actually kept the federal deficit smaller than it would otherwise be since 1983.
  • Right now, with no change, its good for another 25 years, and with one small change can be good for at least 75 years.

By gradually raising the payment cap from $106,800 to $250,000 a year — with no additional taxes on the middle class and benefits continuing to be figured as they are now — Social Security will remain solvent through 2086.

Raising or eliminating the cap altogether is supported by 85 percent of Americans!
  • Ninety-six percent of us — with incomes below $106,800 — pay the tax on our entire income.
  • The richest 6 percent get a free pass on all income over the cap, whether it’s $110.00 or $1,110,000.

Surely equal justice under the law should require that high-income workers pay tax on all their salary just as the rest of us with lower incomes do.