I am afraid that many people don’t realize that there is a cap on the amount of Social Security taxes that people have to pay out of their gross pay each year. For 2017 that amount is $127,200. This means that after paying $127,200 into Social Security, that person pays no additional money into social security for the remainder of the year. So millionaires and billionaires essentially pay nothing into Social Security. What do you think would happen if all of a sudden they started paying on their entire gross income like the majority of us do? All of a sudden Social Security would no longer be a problem. Bernie Sanders said that with the cap increased to $250,000, Social Security will be solvent for 50 years. That is something that most billionaires, millionaires, well to do, and especially Mr. Ryan really do not want to happen. And, they do not want the American people to know about that also. I don’t know what Ryan and the republican party have against the working and middle classes, but the result is a rapidly diminishing middle class and a rapidly increasing class of people permanently in debt and in servitude to the top 1%. (Lest you think I am biased, I include Democrats in this group. While they do work to help working people, they have done nothing to publicize this bit of information.) Without Social Security the wealthy also eliminate any ability for the poor, working and middle classes to retire, they will work till they die. But since Ryan and Trump want to eliminate health care, there will be no need for Social Security because people will die before they they ever get to use their Social Security. The top 1% will succeed in eliminating the Baby Boomers, but they will also succeed in virtually eliminating the ability of future generations to retire.
President Trump’s new tax plan will eliminate the Social Security tax completely. Don’t be fooled. This is not to benefit the middle class, it is entirely to benefit the top 1%.