Taxing our way to solvency is unacceptable. Already, wage earners and their employers funnel more than 12 percent of their earnings to finance the retirement program. To give taxpayers a better chance to earn a better return on their tax dollar, our plan also lets workers divert two percentage points of their payroll tax into individual retirement savings accounts. Plus, it gives incentives for low-income workers to save more money for their retirement with a matching savings fund program. Social Security fundamentally affects every American.
Older citizens depend on their monthly benefit to make ends meet.
Baby boomers who have paid in to the program their entire lives deserve to collect their retirement benefits when they leave the workplace. The sooner Washington fixes the program, the easier the transition will be for all Americans. The social contract that FDR envisioned for all retired Americans can be strengthened to protect the baby boomers and beyond. This page was created and is maintained by the Office of Senator Chuck Grassley.