Scrap the Cap to improve Social Security’s benefits
Social Security provides benefits to more than 50 million Americans – benefits that are critical for retirees, widows/widowers, and families of disabled and deceased workers.
That’s why some members of Congress, including Sen. Bernie Sanders, have supported legislation to “Scrap the Cap” on Social Security. This simple tweak would ensure millionaires will pay the same tax rate as middle class families, and eliminate any concerns about Social Security’s long-term financing.
But this tweak would do more than bring Social Security into balance; it would also allow Social Security benefits to be increased and expanded.
Below is a list of suggested improvements to strengthen Social Security benefits and ensure financial security for millions of Americans.
- Increasing benefits for the lowest income earners.
- Increasing benefits for surviving spouses. This will help low and moderate-income widows and widowers.
- Providing family care credits for individuals (mostly women) who leave the work force to take care of family members. Alternatively, we could reduce the calculation of benefits from the highest 35 years of work to the highest 30 years in the workforce.
- Restore Social Security benefits to young people attending college up to age 22 who suffer the death of a parent or have parents on Social Security. This benefit existed prior to the “reforms” in the 1980s.
Social Security can easily be protected for future generations – and benefits can be strengthened now and into the future – with one small tweak, just scrapping the cap. This simple solution will ensure all Americans are able to provide for themselves in retirement, and preserve the promise of Social Security for our parents, ourselves and out children.