“Just Scrap the Cap,” a hilarious new video staring two Washington state retirees, premiered at Tuesday’s Social Security forum in Everett. Produced by the Economic Opportunity Institute (EOI) and Social Security Works – Washington, the video stars Machinists District 751 retiree Ron McGaha and retired state employee and Service Employees International Union member Sally Davis as two Social Security recipients who have to move in with their son (played by EOI’s Alex Stone) because of benefit cuts.
Social Security’s trust fund has a $2.6 trillion surplus right now, which is enough to pay everyone’s benefits in full for another 25 years. But some politicians with an agenda to undermine the program insist that Social Security is going broke. The reality is that Social Security would pay full benefits forever — for current retirees, their children, their children’s children, and so on — if millionaires simply paid the same Social Security tax rate as most others.
That’s why the video advocates: “Just Scrap the Cap!”
Right now, everyone pays Social Security taxes on the first $106,800 they earn, which means most people pay Social Security taxes on their whole paycheck. But since $106,800 is the cap (unless Congress acts to change it), a whole lot of wealthy people don’t pay a dime in Social Security taxes on most of what they make.
Enjoy the video, but then TAKE A STAND by clicking here and urging against cuts in Social Security.