Today, the roughly 500,000 Americans who earn over $1 million a year stop paying into Social Security – does that seem fair?
The overwhelming majority of Americans pay the Social Security tax on all of their income – a guaranteed benefit and secure retirement for tens of millions of Americans which also covers serious disability and survivors’ benefits.
But the wealthiest Americans receive a special tax break, allowing them to stop paying into Social Security after they’ve hit the annual payroll cap of $127,200 for the year. For billionaires, they reached the cap around lunchtime on January 1. For people who earn over $1 million a year, they reached the cap on February 16. This is wrong and we must take action to fix this.
Republicans claim that Social Security is going bankrupt, and that we have to make drastic changes such as increasing the retirement age to 70 or severely cutting benefits.
There is an easy fix.
We can guarantee full benefits for the next 60 years with one minor change – by eliminating the Social Security income cap. Today I introduced legislation with Senator Bernie Sanders to do just that.
Our bill also adjusts benefits to more fairly reflect seniors’ cost of living, and protects Social Security from being raided to balance the federal budget. These are commonsense proposals and ones that every Member of Congress should be supporting – regardless of political party!
In Congress, I’m fighting every day to protect Social Security and ensure everyone pays their fair share to the system – even millionaires and billionaires.
The wealthiest 1% don’t like that I want them to pay their fair share into Social Security. They don’t like that I won’t let this issue go and they don’t like that you, the American people, are paying attention and increasing the pressure.