The Common Good

Senator Calls Seniors Concerned About Social Security Cuts 'Greedy Geezers'

If there’s a contest for the title “greedy geezer,” a Social Security recipient living on $14K/year probably isn’t in the top ten…

"…former Sen. Alan Simpson recently referred to a group of seniors concerned about cuts to Social Security as “greedy geezers.” While Simpson characterizes retirees who receive an average annual Social Security benefit of $14,000 as “greedy,” a new issue brief from the Center for Economic and Policy Research shows that simply raising or eliminating the Social Security payroll tax cap would only affect a tiny percentage of workers – the wealthiest in our nation -- while strengthening Social Security. …"

"[Currently,] a worker who makes twice the Social Security wage cap – $220,200 per year – pays Social Security tax on only half of his or her earnings, and one who makes just over 1.1 million dollars per year pays the tax on only about a tenth."

Read full report HERE.