Re: 40th anniversary of the social security tax.


Re: 40th anniversary of the social security tax.

It's been 40 years since the social security tax was imposed back in 1984. And the AARP has done nothing to repeal that tax. That seems like it should have been a year after year priority with election targeting of which congress persons failed to support the repeal of the tax.

Luckily, the Trump administration has promised to finally repeal it. Though I doubt it will actually happen. It didn't during his 2016 term.

So ultimately, the AARP needs to show its value by creating a campaign targeting members of congress who do not 100% commit to removing the tax. Did you know the income levels where the tax kicks in are not indexed for inflation? The government very slyly found a way to erode your benefits. The $34,000 income threshold was set back in 1984, would be about $100,000 in today's dollars. Meaning you would pay no Social Security tax until your income exceeded $100,000 for a married couple filing jointly.

See this youtube video that explains it quite well:

The Social Security Trust Fund can easily be funded beyond 2035 by simply raising the FICA cap. No need to raise the FICA tax, just the cap.

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