The Rich Are Destroying Social Security for All of Us

Social Security has been a financial rock for seniors ever since benefits first began flowing in 1940. For decades though, for those above an income threshold, pieces of that rock have been chiseled away: a 1983 law makes up to 50 percent of benefits subject to federal income taxes.Levying a tax on benefits was a new idea at the time, promoted as one of the ways to help save Social Security for future generations.

The trust fund is once again running low, set to reach zero in 2033. Unless Congress acts, benefits will then have to be cut to 77 percent of current levels.Social Security is far too popular for Congress to ever let that happen. The only real question is how lawmakers elect to stop it from happening. True to their history, Democrats and Republicans differ sharply.A solid majority of Republicans are all in on raising the retirement age, first from 67 to 69 and then to 70.

Source: News Formal (newsformal.com)

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