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Sanders wants to increase taxes to bolster Social Security

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Sen. Bernie Sanders (I-Vt.) has introduced legislation to bolster Social Security by increasing taxes on higher earners. 
 
{mosads}The Social Security Expansion Act would subject all income over $250,000 to the payroll tax. The tax is currently capped at $118,500. It would also subject unearned household income above $250,000 to a 6.2 percent tax. 
 
“Social Security is the most successful government program in our nation’s history. Through good times and bad, Social Security has paid out every benefit owed to every eligible American,” Sanders said in a statement. “The most effective way to strengthen Social Security for the future is to eliminate the cap on the payroll tax on all income above $250,000 so millionaires and billionaires pay the same share as everyone else.”
 
Social Security is currently expected to pay out full benefits until 2033, after which it will be able to pay approximately 75 percent of all benefits. 
 
Sanders estimates his legislation would be able to extend Social Security through 2060. It would also increase Social Security benefits for most beneficiaries by $65 per month, increase cost-of-living adjustments for recipients and includes a minimum Social Security benefit. 
 
“At a time when over half of the American people have less than $10,000 in savings and senior poverty is increasing, we should not be talking about cutting Social Security benefits,” Sanders said. “We should be talking about expanding benefits to make sure that every American can retire with dignity.”
Tags Bernie Sanders Social Security

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