Increase Revenues Coming into Social Security
About the Problem
Social Security and Medicare are true lifelines for tens of millions of Americans across the country. But these lifelines are fraying.
Social Security and Medicare are not sustainable on their current trajectories due to the retirement of the enormous Baby Boom generation, falling birth rates and rising health care spending.
About the Policy
No Labels offered respondents a choice of four different reform package, each of which met the standard of securing the program for the next 75 years. The following package received broad support from policymakers and the public.
1. Raise the annual limit on earnings subject to the payroll tax from $118,500 to $240,000. At this level, the payroll tax would once again cover 90% of the wage base, which was the amount subjected to the payroll tax under the Social Security reform signed by President Reagan in 1983.
2. Increase the payroll tax rate, with employers and employees each paying an additional 1% of salaries
3. Slow the growth of future benefits for the top 20% of beneficiaries
4. Reform the Social Security disability system by tightening eligibility requirements and reducing fraud. A recent study by the Social Security Administration revealed that disability program beneficiaries were overpaid by $17 billion over the last 10 years.
Polling data derived from three national surveys conducted by Cohen Research Group in February and March 2016. Each survey had a sample size of at least 1,000 registered voters with a margin of error of +/- 3.1%
Tell us what you think
Do you support this idea? Or do you think there's a better solution? We want to hear from you.