“Now that we have two months to work things out let’s do the right thing. Restore the 2% tax money back into the Social Security Fund, set up the fund as a separate entity not to be mixed with the rest of the budget and make sensible changes to keep it sound.” said Dan Weber, AMAC’s president and founder.
He went on to say if the leaders from both political parties were serious about getting the economy going again they would replace the 2% ‘tax holiday’ on Social Security with a 4% across the board tax cut for all wage earners earning under $250,000 per year.
“It does not make sense to short Social Security at a time it is headed for insolvency; instead we should stimulate the economy by doubling the money in the hands of working Americans.” He said.
AMAC recently completed a poll that showed an astounding 95% of the respondents favored doing away with the tax holiday, clearly stating it was more important to keep Social Security in good financial condition than it was to give a small tax break.
Weber reminded his 250,000 member organization that there were several intelligent proposals to strengthen Social Security announced after the so called Super Committee issued its report, including one proposed by AMAC that featured a three year set back in the age requirement along with a new Social Security IRA.
The reasons that Social Security is in trouble is because people are living a lot longer than they used to and there are now only three workers paying for one person receiving benefits. In the past there was 16 workers paying in for each recipient. That is not the fault of Republicans or Democrats but what happens when demographics comes into play.
“There is no better time than during these marvelous holidays of Christmas and Hanukkah that we should be willing to replace anger with friendship and come together, if even for a few days to achieve meaningful results for our country.” Weber concluded.