Keep the Social Security Program Strong

Written By Werner Neff

The Social Security Administration runs a program called Old-Age, Survivors, and Disability Insurance. This program was created in 1935 to give people financial support when they retire, if they become disabled, or if their spouse or parent passes away. In short, it acts as both a retirement plan and a safety net for families.

How it’s funded
Social Security is paid for mainly through payroll taxes. When people earn wages or a salary, a portion of their paycheck goes directly into the system. These contributions are collected by the Internal Revenue Service.

Right now, only earnings up to $168,600 per year are taxed for Social Security. Any income above that is not included.

A possible solution
Because funding Social Security is a challenge, one idea is to remove the cap. This would mean that all income, no matter how high, would be taxed for Social Security. Supporters believe this change could bring in more money and help keep the program strong for the future.

Werner Neff

Werner Neff holds a PhD in Political Science, and a master’s degree in Economics. Neff retired from an executive position in the successful mortgage and loan division of a large Swiss Bank.

Deeply passionate about Democracy, Neff has over the last 12 years researched and written several books on social economy and politics. Other books are RESTORE OUR DEMOCRACY, The Case for Equality and Justice, and RESTORE TRUST, Economic Solutions to Current Social and Political Issues in the U.S.

Neff lives in Colorado where he continues to be involved in economics and politics. He cherishes classical music and the extraordinary summer and winter sports in the mountains.

https://www.wernerneff.com
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