🐦 Sept 13 at 10AM - Announcement on the Fight to Expand Social Security
Thursday, September 13 at 10:00 AM – 11:00 AM EDT
Dirksen Senate Building Room 608
Please join Sen. Bernie Sanders, Rep. John Larson and others to be announced for an exciting new announcement on the fight to expand Social Security.
Social Security is the most successful government program in the history of this great country, keeping millions of senior citizens, widows, orphans, and the disabled out of poverty for nearly 80 years. Benefits are modest, the average benefit is only around $1,360 a month. For two thirds of beneficiaries, this is the majority of their income in retirement. For a third of recipients, this is nearly all of their income.
The best way to ensure that Social Security remains solvent for generations to come is to lift the cap on earnings subject to the Social Security payroll tax. Right now, someone who makes $128,400 a year pays the same amount of money into the Social Security system as a billionaire. That is because today, all income above $128,400 is exempt from the Social Security payroll tax. As a result, 94 percent of Americans pay Social Security tax on all of their earned income, but the wealthiest 6 percent do not. Rising inequality, with the wealthiest Americans capturing an increasing share of income gains above the earnings cap while middle class wages get left behind, is costing our Social Security system more and more revenue each year. The Center for American Progress estimates that if income inequality hadn’t skyrocketed over the past three decades, Social Security would have $1.1 trillion more than it does today.
When it comes to the long-term solvency of Social Security the choice is clear: we can tell our children and grandchildren that their already modest Social Security benefits will be cut in order to maintain tax loopholes for the richest Americans, or we can close these loopholes and bolster Social Security benefits for future generations.
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