Tag Archives: John Larson

60 Days Into 2024 and Millionaires Are Already Done Paying Into Social Security

“Ninety-four percent of Americans contribute to Social Security all year long, but the wealthy stop paying after their first $168,600 in wage income.”

By Jake Johnson. Published 2-29-2024 by Common Dreams

Image: Public domain

Most Americans contribute to Social Security year-round, but U.S. millionaires will stop paying into the critical program on March 2—just over two months into 2024.

That’s because Social Security’s payroll tax doesn’t apply to earned income above a certain level. For 2024, the cut-off is $168,600, and capital gains—such as stock appreciation—are not subject to the payroll levy at all. Elon Musk, the CEO of Tesla and the world’s richest man, pays nothing into Social Security because he doesn’t take a salary.

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Union Warns GOP Proposal Would ‘Devastate’ the Social Security Administration

“More cuts to SSA will result in a rapid increase of wait times, force SSA offices to close in many communities, and reduce service hours to the public.”

By Jake Johnson Published 7-20-2023 by Common Dreams

social security office in Worcester Massachusetts. Photo: LEONARDO DASILVA/Wikimedia Commons/CC

A union representing more than 750,000 federal employees warned Wednesday that the House GOP’s proposed cuts to the Social Security Administration for the coming fiscal year would deeply harm the already strained and understaffed agency, potentially forcing it to close offices and slash service hours.

Such impacts would “devastate the agency’s ability to serve the American public,” Julie Tippens, legislative director of the American Federation of Government Employees (AFGE), wrote in a letter to the top members of the House Appropriations Committee.

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Trustees Report Shows Social Security Expansion a ‘Question of Values, Not Affordability’

“The trust funds are strong because most Americans contribute to them with every paycheck,” said one advocate. “They could be even stronger if the wealthiest Americans paid their fair share.”

By Jake Johnson.  Published 3-31-2023 by Common Dreams

Rally at Minneapolis Social Security Office i August of 2012/ Photo: AFGE/flickr/CC

The board of trustees for Medicare and Social Security released a report Friday showing the programs’ trust funds will be able to cover all benefits and expenses until 2031 and 2034 respectively, findings welcomed by advocates as further confirmation that the key lifelines are strong and can be expanded.

Nancy Altman, president of the progressive advocacy group Social Security Works, argued in a statement that “the takeaway from this report is that whether to expand or cut Social Security’s modest but vital benefits is a question of values, not affordability.” Continue reading

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Warnings of ‘Unconstitutional’ Assault on Social Security as Trump Threatens Unilateral Suspension of Payroll Tax

“Donald Trump is so desperate to defund Social Security, he may rip the Constitution to shreds to make it happen.”

By Jake Johnson, staff writer for Common Dreams. Published 8-5-2020

Photo: White House/flickr

President Donald Trump confirmed Tuesday that he is considering circumventing Congress to unilaterally suspend collection of the payroll tax, a move advocacy groups and lawmakers said would be an “unconstitutional” abuse of power and a destructive attack on Social Security funding.

Trump said during a Covid-19 press briefing that his administration is examining a variety of potential executive orders should Congress fail to reach an agreement on the next stimulus package by the end of the week, a deadline Democratic leaders and the White House set on Tuesday. Continue reading

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GOP Coronavirus Relief Package to Include Romney Bill That Would ‘Fast-Track Social Security and Medicare Cuts’

“They will use every opportunity and every crisis—including the mass death and economic carnage from Covid—as cover for their sick desire to destroy our Social Security system.”

By Jake Johnson, staff writer for Common Dreams. Published 7-24-2020

Photo: Tony Alter/flickr/CC

Shortly after publicly ditching one attack on Social Security—the payroll tax cut—Senate Majority Leader Mitch McConnell confirmed Thursday that the Republican coronavirus relief package will include legislation sponsored by Sen. Mitt Romney that one advocacy group described as an “equally menacing” threat to the New Deal program.

In a speech on the Senate floor, McConnell touted Romney’s TRUST ACT as “a bipartisan bill, co-sponsored by Senate Democrats, to help a future Congress evaluate bipartisan proposals for protecting and strengthening the programs that Americans count on.” Continue reading

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GOP ‘Plot to Gut Social Security Behind Closed Doors’ Gains Steam in Senate Covid-19 Talks

“With seniors most at risk from Covid-19, we need to be increasing Social Security’s modest benefits, not creating secret commissions to cut them.”

By Jake Johnson, staff writer for Common Dreams. Published 5-23-2020

Photo: Tony Alter/flickr/CC

A proposal by Sen. Mitt Romney to establish congressional committees with the specific goal of crafting legislative “solutions” for America’s federal trust fund programs has reportedly resurfaced in GOP talks over the next Covid-19 stimulus package, sparking alarm among progressive advocates who warn the Utah Republican’s bill is nothing but a stealth attack on Social Security and Medicare.

Politico‘s Burgess Everett reported Wednesday that Romney’s TRUST Act, first introduced last October with the backing of a bipartisan group of senators, “is getting a positive reception from Senate Republicans” in coronavirus relief discussions, which are still in their early stages. The legislation, Everett noted, “could become part of the mix” for the next Covid-19 stimulus as Republicans once again claim to be concerned about the growing budget deficit. Continue reading

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‘Do F-35s Fight Pandemics?’ Amid Covid-19 Outbreak, Lawmakers Pushing For Even More Useless Pentagon Spending

“Infuriating doesn’t even begin to describe it.”

By Eoin Higgins, staff writer for Common Dreams. Published 3-20-2020

Lawmakers are calling for more F-35s in response to the coronavirus outbreak. (Photo: Forsvarsdepartementet/flickr/cc)

As the federal government develops strategies for how to deal with the coronavirus outbreak that has already significantly damaged the U.S. economy and killed over 100 Americans, a group of lawmakers are urging Congress approve the purchasing of 19 more F-35 fighters than the Pentagon requested as part of the battle against the disease, enraging progressives.

“Infuriating doesn’t even begin to describe it,” tweeted Stephen Miles, executive director of Win Without War, on Friday. Continue reading

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Joni Ernst Wants to Cut Social Security Behind Closed Doors

Republicans, Democrats and Independents, of all ages, races and genders, overwhelmingly agree. We understand that Social Security is more important than ever. We overwhelmingly reject any cuts to its modest benefits.

By Nancy J. Altman. Published 9-6-2019 by Common Dreams

Congress should address our nation’s looming retirement income crisis by increasing Social Security’s modest benefits. (Photo: Courtesy of AFGE, Flickr | CC 2.0)

Senator Joni Ernst (R-IA) just said out loud what Republican politicians usually only talk about in secret meetings with their billionaire donors: The GOP wants to cut our earned Social Security benefits—and they want to do it behind closed doors so that they don’t have to pay the political price.

At a recent town hall, Ernst stated that Congress needs to “sit down behind closed doors” to “address Social Security.” She vaguely asserted, “A lot of changes need to be made in this system going forward.” But, she complained, if these changes were proposed in public, she would be accused of pushing “granny over a cliff.” It is not hard to figure out what “changes” she has in mind. Continue reading

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