Raise the Full Retirement Age

 

The purpose of this bill is to raise the full retirement age and change the tax cap for Social security

 

Social Security is set to run out of funds by 2040. This is due to how many people are on Social Security and how less

and less working age people are paying the tax that funds this. This bill will raise the full retirement age to decrease

the amount spent each year and slow the rate at which the funds are used. Another way this bill will work is by raising

the tax cap which currently sits at $176,100 a year to $1,000,000. This would require people with that salary or lower

pay the social security tax increasing funds significantly

 

Social Security: A government funded program to provide income to retirees, the disabled, and families of deceased

workers

Full retirement age: The age at which a retiree receives all benefits in full provided by the program including a

predetermined monthly income and healthcare costs

Social Security tax cap: The tax cap refers to the people who must pay a part of their paycheck to social security.

Those who earn $176,100 or less annually must pay

 

Due to this bill decreasing the money spent on Social Security it does not require funds, but raising the tax cap will

extend the time Social

Security is valid

 

Because this bill will be enforced by the IRS and other government

agencies it is up to the state to enforce the bill similar to regular taxes

 

6 mouths after signage