The greedy Republicans want ALL of our money. Last Friday, Rep. Pete Sessions (R-TX), introduced a bill that would allow workers to immediately stop contributing 6.2% of their pay to Social Security and instead, put this money in a “Savings Account for Every American” (SAFE).
That would take the place of the 6.2 percent the workers now contributed to Social Security.
Another 6.2% is sent to Social Security by employers. Under the Sessions bill, employers would continue to make this matching contribution to Social Security, but after 15 years, employers could also send that amount to the employee’s SAFE account.
(Source: The Hill)
Under the bill, employees would be able to make tax free contributions to their SAFE account, and take tax-free distributions at retirement age. The bill would also allow employees to stay with the Social Security program if they wish.
From “the bill”…
‘‘(2) The trustee is a bank (as defined in sec20
tion 408(n)) or such other person who demonstrates
21 to the satisfaction of the Secretary that the manner
22 in which such other person will administer the trust
23 will be consistent with the requirements of this sec24
A bit more from “the bill”…
‘‘(3) No part of the trust funds will be invested
2 in life insurance contracts.
3 ‘‘(4) The interest of an individual in the bal4
ance in his account is nonforfeitable.
5 ‘‘(5) The assets of the trust will not be commin6
gled with other property except in a common trust
7 fund or common investment fund.
So here it is, the privatization of Social Security. This is what the Republicans have been working towards since the days of President Franklin D. Roosevelt.
To the Republican plan, I’ll be saying, “Thanks, but no thanks. I’ll be staying with Social Security.”