Lawmakers Step Up Efforts to Save Social Security
Once again, U.S. Sen. Bernie Sanders (I-Vt.) is leading the effort to shore up Social Security. He just reintroduced the Social Security Expansion Act, which, according to Huff Post, would increase Social Security retirement benefits and shore up the program’s finances solely by taxing corporations and the wealthy.
This proposed piece of legislation would expand Social Security benefits by $2,400 a year and ensure Social Security is fully funded for the next 75 years — all without raising taxes by one penny on over 93 percent of American households that make $250,000 or less.
Pay Fair Share
To ensure Social Security can pay out future benefits, Sen. Sanders thinks high-wage earners and the wealthy need to pay their fair share. His bill proposes subjecting earnings over $250,000 to the 12.4 percent payroll tax. Currently, only $160,200 of wage income is subject to payroll taxes. He would like to levy other taxes as well, such as subjecting investment income over $200,000 to payroll taxes.
Sen. Sanders has introduced identical bills in the past, including last summer, but the newest version of the legislation comes amid a national debate over Social Security between the White House and congressional Republicans. Sen. Rick Scott (R-Fla.) wants all federal programs — including Social Security and Medicare — to undergo a renewal process every five years, while the House GOP wants to raise Social Security’s eligibility age.
In a news release announcing the bill’s reintroduction, Sanders stated: “At a time when nearly half of older Americans have no retirement savings and almost 50 percent of our nation’s seniors are trying to survive on an income of less than $25,000 a year, our job is not to cut Social Security. Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they need.”
Join the Cause
The Seniors Trust is in total agreement. Please show your support by signing our petition calling on Congress to enact the Social Security Expansion Act.
