Apr 1, 2013 0
Hundreds of seniors, backed by community and labor groups, will perform the “Scrap the Cap Shuffle” in Federal Plaza tomorrow and deliver bags of bottle caps to congressional leaders to kick off a campaign to lift the cap on payroll taxes in order to strengthen Social Security.
The “Scrap the Cap” rally takes place at noon Tuesday, April 2, at the Federal Plaza, Dearborn and Adams. Representative Danny K. Davis will participate, organizers said.
Delegations of seniors will attempt to meet with Senators Richard Durbin and Mark Kirk to urge them to oppose cuts to Social Security and focus on strengthening the program by lifting the limit on income levels subject to FICA taxes.
Currently income over $113,700 is exempt from FICA taxes. “Scrapping the cap” would solve solvency issues for Social Security far into the future. The program’s trust fund now has a $2.7 trillion surplus, enough to fully cover benefits for at least 25 years. And the fund is entirely separate from the federal budget.
Durbin in particular has backed implementing the so-called Chained CPI — which seeks to predict how consumers will substitute cheaper items when prices rise — and raising the retirement age.
“Older women, especially older women of color will suffer the most from switching to a Chained CPI formula,” said Audrey Douglas, vice chair of the Jane Addams Senior Caucus. “Senators Durbin and Kirk need to hear that older women have something to say about this issue. Any cuts to Social Security are unacceptable.”