Social Security is a necessary benefit of being an American. I encourage you to expand Social Security and extend its solvency so that everyone in America can retire with the respect that they have earned and deserve after a lifetime of hard work. The Social Security Expansion Act would extend the solvency of Social Security for 75 years by requiring the wealthiest American households to pay their fair share of taxes.
Today, because of the earnings cap on Social Security taxes, a CEO making $20 million a year pays the same amount of money into Social Security as someone who makes $176,100 a year. This legislation would lift this cap and subject all income above $250,000 to the Social Security payroll tax. Under this bill, over 91 percent of households would not see their taxes go up by one penny. Expand Social Security benefits across- the-board for current and new beneficiaries. Under this bill, Social Security benefits for current and existing recipients would be increased by $2,400 a year.
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