I’m writing to say that Congress must not cut Social Security. Instead, it should expand it 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. That’s what the Social Security Expansion Act, introduced by Sen. Bernie Sanders, Sen. Elizabeth Warren, Rep. Jan Schakowsky and Rep. Val Hoyle, is all about.
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 $160,200 a year. This legislation would lift this cap and subject all income above $250,000 to the Social Security payroll tax.
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.
Increase Cost-Of-Living-Adjustments (COLAs). This bill would more accurately measure the spending patterns for seniors by adopting the Consumer Price Index for the Elderly (CPI-E).
Require millionaires and billionaires to pay their fair share into Social Security.
Improve the Special Minimum Benefit for Social Security recipients. This bill would help low-income workers stay out of poverty by increasing the Special Minimum Benefit and indexing the benefit level so that it is equal to 125 percent of the poverty line, or over $18,000 for a single worker who had worked their full career.
Restore student benefits up to age 22 for children of disabled or deceased workers, if the child is a full-time student in a college or vocational school. This legislation would restore student benefits to help educate children of deceased or disabled parents that were eliminated in 1983.
Combine the Disability Insurance Trust Fund with the Old Age and Survivors Trust Fund to help senior citizens and people with disabilities.
Social Security is one of the most popular and successful government programs in the history of our country. For more than 80 years, through good times and bad, Social Security has paid out every benefit owed to every eligible American on time and without delay. This can never change. Please sign on to co-sponsor this bill. Thanks.
