Steven Holt: “Social Security is one of the most successful programs of the Federal Government. However, many Americans don't realize…”

“Social Security is one of the most successful programs of the Federal Government. However, many Americans don't realize that the wealthy pay a lower rate on taxable income into Social Security. With Senator Harkin, Representative Linda Sanchez, along with many cosponsors, we have introduced legislation to scrap the wage cap on payroll taxes. Most Americans will, no doubt, think it is more fair that everyone pay the same rate, and the bill would stop the misguided claims that Social Security needs to be changed or scrapped. It would allow increased monthly benefits. It would also provide a cost-of-living allowance that better reflects the actual cost of living for seniors. I ask my colleagues to join us in this effort. ____________________”