Why Social Security Expansion May Stiff the Poor
“On January 31, over 200 House Democrats jointly introduced the Social Security 2100 Act, legislation that would expand Social Security both by raising the 12.4 percent payroll tax and by phasing out the current $132,000 cap on taxable earnings. Social Security Works, an activist group that was key to making Social Security expansion the de facto position of the Democratic party, crows that the Social Security 2100 Act would allow ‘no retiree to fall into poverty.’ Not only is that claim untrue, but this budget-busting expansion of the federal government’s already-insolvent retirement program may leave low-income retirees disappointed.”