What is being advocated is converting the money paid into social security into a de-facto tax - the most regressive tax imaginable.
Then they are opposing any increase in taxes on people who get a 7% tax break as soon as they reach the $106K income threshold.
They will not even consider tax changes that affect the highest income recipients, but will make cuts in social security to avoid repaying the debt owed to the funds made up of contributions from even the lowest income earners.
Consider the top marginal income tax rate, then subtract 7% from it to account for the social security discount that is provided to approximately 7% of incomes. (
Ninety-three percent of incomes are less than $100K) Essentially, we are asking 93% of the people to protect the tax rate of the top 2%.
Regards,
D-Ray