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GOP Plans to cut Social Security by 27%

Mikchael Phelan

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Dec. 26, 2016

Since the election, Republicans have made it clear that they plan to use their unified control over government to destroy Medicare. Just before Congress left for the holidays, Rep. Sam Johnson (R-TX) introduced the “Social Security Reform Act” – an impressive wish list of devastating Social Security cuts and upper-income tax breaks.

Our friends at the Economic Policy Institute Policy Center have crunched the numbers on the Johnson plan, and they are even scarier than we thought.

More than 2/3s of beneficiaries would see, on average, a 27% cut in benefits. This includes:

  • Raising the retirement age to 69 (equivalent to a 13.5 percent across-the-board cut)
  • Changing the benefit formula (9 percent average cut)
  • Slashing the cost-of-living adjustment (13 percent average cut)
  • Some long-lived beneficiaries could see cuts of up to 74 percent!
  • Eliminates the taxation of benefits on high earners--giving a tax cut to those who need it least while reducing revenue back into the Social Security trust fund

Sign the petition today demanding that Congress reject the Johnson plan. A bill that “reforms” Social Security wouldn’t destroy Social Security’s promise to current and future generations.

The Johnson bill disproportionately hurts women and low-income workers who had employment gaps due to caregiving and unemployment. And it hurts those who had uneven earnings during their wage-earning years.

Here’s the crazy part: Rep. Johnson says his plan ensures the long-term health of Social Security’s trust fund--but it does this by cutting benefits by an average of 27% per person. Yet even in the worst-case scenario for Social Security, in which the wealthiest Americans don’t pay their fair share, Social Security can still pay 79% of promised benefits. Rep. Johnson’s bill cuts benefits by 27% to ensure that there isn’t a 21% cut a few decades from now.

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Join Social Security Works and the EPI Policy Center in rejecting the Johnson plan, which cuts benefits for 70 percent of Social Security recipients.

Together we must stand together against Republican attempts to destroy Social Security.

Thank you,

Michael Phelan
Social Security Works