Social Security turns 80 years old this week, and one Illinois congresswoman has a plan to make sure it lasts another 80.U.S. Rep. Jan Schakowsky (D-Evanston) celebrated the program’s 80th anniversary in Park Ridge Friday. To make sure people currently paying into Social Security can someday receive benefits, Schakowsky said the cap on earnings which can be taxed for Social Security, currently set at $118,500, should be raised or eliminated.
Click Here for Summary
“If we were to lift the cap on Social Security, it would be solvent for as the eye could see, well into the next century,” Schakowsky said.
People who earn money above that cap can still receive Social Security benefits.
Schakowsky says if Social Security were to disappear, nearly 800,000 people in Illinois would have their incomes fall below the poverty line.