Strengthen Social Security and make wealthy CEOs pay their fair share
As you may have heard, there will be no Cost of Living Adjustment for Social Security beneficiaries next year. Despite average annual benefits of just $14,375 and rising medical and housing costs, Social Security payments will remain flat.
Meanwhile, CEO pay for the top 350 US firms saw their pay increase by 3.9% last year, according to data compiled by the Economic Policy Institute. Why are we stretching thin seniors and people with disabilities while CEOs whose average pay is $16.3 billion—much of it paid through a tax-free “performance pay” loophole—are making more than ever?
Thankfully, Social Security champion Senator Elizabeth Warren has just introduced a bill which will give a 3.9% raise to Social Security beneficiaries in 2016 – around $580 – and pay for it for by eliminating the CEO performance pay tax break.
At a time when more than half of households 55 and older have zero retirement savings, and when two-thirds of retirees depend on Social Security for the majority of their income, Senator Warren’s legislation is critical to providing financial security to Social Security recipients in 2016.