Wexler Reintroduces Social Security Forever Act 

Today, Congressman Robert Wexler (D-FL) reintroduced his plan to save Social Security – the Social Security Forever Act of 2008. Wexler’s legislation closes the Social Security gap, without cutting benefits or raising the retirement age, by imposing a 3 percent hike on payroll taxes for incomes above $102,000 a year. Currently, individuals do not pay any taxes for Social Security purposes on earnings above $102,000. By raising the cap on Social Security taxes, the Social Security Forever Act not only ensures the solvency of this vital program but restores tax fairness in America at a time when income inequality is sharply on the rise.

“Social Security is a fundamentally sound program; however, its future solvency is endangered because not all wages and salaries are subject to Social Security taxes,” said Congressman Wexler. “There is a simple and fair way to solve this problem. By lifting the Social Security earnings cap, Congress can ensure the long term solvency of a program that keeps millions of seniors out of poverty each year. At a time when our economy is struggling, my plan protects Social Security without raising the retirement age or slashing benefits.”

Access a copy of Congressman Wexler’s bill.

###

back to Front Page Entries