Monday, October 28, 2024
Before cutting social security benefits, let's consider instituting a net asset tax and use the money to preserve social security for the poor, middle class, and some of the rich.
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 contact President Joe Biden at The White House, Wash. D.C. 20500, U.S. Congressman Josh Gottheimer, 93 Spring st. suite 408, Newton, NJ 07860, and U.S. Senator Cory Booker, One Gateway Center - 23rd fl., Newark, NJ 07101.
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