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| Stacks of petitions signed by 2 million Americans opposed to cuts in Social Security benefits were delivered to the Capitol this week as Sen. Bernie Sanders introduced new legislation to expand benefits and strengthen the program for generations to come. “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,” Bernie said. “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.” Under current law, someone making millions of dollars a year pays the same amount in payroll taxes as someone making $118,500 a year. Bernie's bill would subject all income over $250,000 to the payroll tax, a move that would impact only the top 1.5 percent of wage earners. Asking the wealthiest Americans to contribute their fair share to Social Security could extend the solvency of the program through 2060 and allow benefits to be expanded for millions of Americans. “At a time when more than 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. We should be talking about expanding benefits to make sure that every American can retire with dignity,” Bernie said. |
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