Sustainable Social Security Act

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Social Security is a vital safety net for millions of Americans, providing financial support during retirement, disability, and other life-changing events. To ensure its long-term sustainability and improve the quality of life for our seniors, we propose a comprehensive policy to strengthen Social Security and increase the benefits provided. This policy will be funded, in part, by the Taxing Religious Entities for Social Welfare Act, ensuring that it remains financially sound.

Increasing Revenue for Social Security

The Taxing Religious Entities for Social Welfare Act will generate additional revenue by taxing religious entities that generate more than $200,000 a year. A portion of this revenue will be allocated to the Social Security Trust Fund, bolstering its financial stability.

Removing the Earnings Cap

Currently, Social Security contributions are capped at a certain level of income. We propose removing this cap to ensure that higher earners contribute their fair share to the program, thus increasing the available funds for benefits.

Adjusting the Cost of Living Adjustment (COLA) 

To keep pace with the rising cost of living, we will adjust the COLA calculation to provide more accurate and meaningful increases in benefits for Social Security recipients.

Increasing Minimum Benefits 

We will raise the minimum benefit level to provide a more substantial safety net for low-income retirees. This change will help alleviate poverty among our elderly population.

Caregiver Credits 

Individuals who take time out of the workforce to provide care to children or elderly family members often experience reduced Social Security benefits. We will implement caregiver credits to compensate for these gaps in employment history.

Gradual Retirement Age Increase 

To address the demographic challenges facing Social Security, we propose a gradual increase in the full retirement age. This will ensure the long-term sustainability of the program.

Strengthening Anti-Fraud Measures

Enhancing measures to prevent and detect fraudulent claims will safeguard the integrity of Social Security while preserving its resources for those in genuine need.

Promoting Financial Literacy

Investing in financial education programs will empower individuals to make informed decisions about their retirement savings and Social Security benefits.

Oversight and Accountability

Establishing a federal oversight committee will ensure transparency in the allocation of funds generated by the Taxing Religious Entities for Social Welfare Act and their proper utilization for Social Security and social welfare programs.

Implementation Timeline

The policy will be implemented gradually to minimize disruption and ensure a smooth transition.

Progress Reporting

Regular progress reports will be submitted to Congress and the public to maintain transparency and accountability.

This policy outlines a comprehensive approach to strengthen Social Security and enhance benefits for all Americans, funded in part by the Taxing Religious Entities for Social Welfare Act. By increasing revenue, expanding benefits, ensuring solvency, promoting financial education, and enhancing transparency, we can secure Social Security for current and future generations. It’s a commitment to the well-being of our seniors, demonstrating our dedication to providing financial security and dignity during retirement and challenging life circumstances.