Average monthly benefit for retirees on Social Security $1,230.

[BKLawyer]

65. Two things ...

(1) lower the overall social security tax rate and eliminate the cap on income to which Social Security taxes are applied, and
(2) means test.

As to #1 - we need to lower the rate so that those less well off will get to keep more of their money while those well off will pay more and have it applied to all of their income. With the cap at 106,000, a millionaire's effective rate for SS taxes is like less than 1%, while someone earning less than the current cap is paying 6.45%.

And as to #2 - yes, we need to means test because there's no reason wealthy retirees need to receive the benefits when I know little old ladies who don't receive but $600/month. Let's be honest, Social Security is welfare, and the benefits need to go to those who need it. The Supreme Court determined long ago that Social Security was not "insurance" or an "annuity." Nobody has an "account" that their Social Security taxes were paid into ... its not "theirs." We are taxed today to pay for current beneficiaries. If that's the case - help those who truly need it.

Finally, here in Michigan, there is a provision in our property tax laws that far too many just don't know about, and it provides a "poverty exemption" for those who make at or below the poverty line and is a complete abatement of property taxes (so that the elderly (or just plain poor), if they own their home, aren't kicked out because they couldn't afford the property taxes).