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171

Dems' Wealth Tax Bill Would Extend Social Security Solvency by 75+ Years: Analysis (www.commondreams.org)

submitted 1 year ago by irongamer@beehaw.org to c/politics@beehaw.org

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"This bill shows that Social Security is fully affordable—as long as the wealthiest among us pay their fair share," said one advocate.

Legislation recently introduced by a pair of Democratic U.S. lawmakers to save Social Security for generations to come would extend the vital social program's lifespan by at least 75 years, according to a federal analysis published Tuesday.

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[–] middlemuddle@beehaw.org 4 points 1 year ago

I think the initial divergence in our thinking is how we define a person's fair share. The U.S. has this pervasive myth that individual perseverance leads to achievement. That is, if you work hard enough then you can get rich and that's the result of your own efforts. I'm not trying to discount the hard work that many people put into their success, but the reality is that they are benefiting from so many different things that they have no direct control over. The family you're born into, the physical location where you're born, your race/ethnicity, etc. These are all more significant contributors to success than individual effort.

A prosperous society supports all its citizenry in some way, but some people need a lot more support than others, and it's through no fault of their own. People who are individually more prosperous should expect to contribute a proportionally greater amount to support society because they've already reaped the benefits of that society themselves.