Social Security Reform Measures:

Social Security reform measures: How to preserve the social security system for the poor, middle class, and some of the rich. Should we regret separating the very rich from the social security system? First, tax (social security tax - 6.20 %) the rich on their incomes (now, in 2024 we only tax up to the first $ 168,600 of their incomes). Let’s say we tax (6.20%) as follows: Year Income 2025 $340,000 2026 $700,000 2027 $1,500,000 2028 $3,000,000 2029 $7,000,000 2030 $15,000,000 2031 $28,000,000 2032 and on $47,000,000 Second, let's stop paying out social security to the very rich and change (reduce) the payments that the rich were supposed to receive. Again let’s not regret these changes - let’s not feel sorry for the very rich. Let’s say we stop paying out social security to the very rich - those people that averaged $17,500,000 a year income over the last three years. So that three years from now, in 2027, the very rich would no longer receive any social security. Also, let’s reduce what rich people would have received from social security as such: Average income over the last three years Reduced social security payment $15,750,000 .375 $13,750,000 .50 $12,2250,000 .75 $8,500,000 .885 Those averaging less than $8.5 million over the last three years of their work will receive what social security plans on giving them, and those making more will have their benefits reduced. Third, institute a net asset tax on the very rich and use the raised money to help preserve the Social Security System for the poor, middle class and some of the rich. A net asset tax could look like: Net Assets Tax + ___ % over $0 - $28,000,000 $0 .20 $0 $28,000,000 - $90,000,000 $56,000 .30 $28,000,000 $90,000,000 - $250,000,000 $242,000 .50 $90,000,000 $250,000,000 - $500,000,000 $1,042,000 1.00 $250,000.000 $500,000,000 - $1,000,000,000 $3,542,000 1.345 $500,000,000 $1,000,000,000 - $3,000,000,000 $10,267,000 1.803 $1,000,000,000 $3,000,000,000 - $6,000,000,000 $46,327,000 2.431 $3,000,000,000 Over $6,000,000,000 $119,257,000 3.25 $6,000,000,000 With allowable deductions of: Personal - $6,000,000 Spouse - $6,000,000 Child under 19 years of age - $2,4000,000 Forth, require more earned Social Security credits to be eligible to collect social security (currently in 2024 it’s 40) as such: Year Earned credits required 1 60 6 74 11 92 16 115 21 144 These are some measures to help preserve social security without having to cut benefits. Before deciding on cutting benefits, let’s put these measures into law and see if further actions are required to help preserve social security for the poor, middle class, and some of the rich. Please, please see www.blogger.com ablogbyken, or write kmillerbloggerablogbyken@gmail.com. It could be done - the LORD willing!!! P.S. We love, because HE first loved us.