Taxes/Social Security

With a life of prosperity unattainable for many Americans today, the onerous tax code is a smart place to look for commonsense changes to put money back in peoples’ pockets.

Why it matters:

Most Americans work hard their entire adult lives, paying into social security as part of their taxation. The social security program is intended to ensure that these Americans, once retiring at age 65, have a supplemental income for the remainder of their lives.

However, social security is still subject to federal tax, reducing the amount of income retirees receive and effectively taxing the same hard-earned dollars twice.

Solution(s):

• Eliminate the tax on social security payments by continuing social security tax on W-2 earners making more than $180,000
• No capital gains taxes on stock trades or liquidations—the money used to buy stocks has already been taxed