The fear of running out of money in retirement is America's greatest financial concern. It's a fear greater than death.
But the American workers who have paid all their lives for retirement
security are being cheated by wealthy individuals and corporations who
refuse to meet their tax obligations, and who have found other ways to
keep expanding their wealth at the expense of the middle class.
1. Federal Tax Avoidance is the Biggest Threat to Social Security
Conservatives say that Social Security is too expensive, and that cutbacks and a later retirement age are necessary. But they refuse to acknowledge the facts about missing revenue. Annual tax avoidance by wealthy individuals and corporations is in the trillions of dollars, over double the cost of Social Security.
Big corporations are the worst offenders. The numbers are startling. For
every dollar they paid relative to payroll tax in the 1950s, they now pay ten cents. In just the past ten years they've cut their tax rate in half.
The sum total of tax underpayments, tax haven losses, corporate tax
avoidance, and tax expenditures (most of which benefit the very rich) is
over $2 trillion. Although Social Security costs less than half of that, Congress is targeting Americans who have paid into it at the highest rate, while tax avoiders are left undisturbed.