Make Millionaires Pay into Social Security All Year!
Right-wing politicians and cable news pundits frequently say that we “can’t afford” Social Security. Their solution? Cut benefits for working people who’ve paid into the program for our entire lives. They never suggest that we simply require the wealthiest people in America to pay into Social Security all year long, just like the rest of us. If we do, we can afford to not just protect but expand benefits.
The Social Security Expansion Act, recently introduced by Senators Bernie Sanders (I-VT) and Elizabeth Warren (D-MA) along with its House counterpart, introduced by Congresswomen Jan Schakowsky (D-IL) and Val Hoyle (D-OR), would do just that. This legislation would require the wealthy to contribute into Social Security on all their income over $250,000 — including unearned investment income. It uses the additional revenue to increase Social Security’s modest benefits and keep the program strong through the end of the century and beyond.
Another piece of legislation, Social Security 2100: A Sacred Trust, is sponsored by Rep. John Larson (D-CT). This bill, which also lifts the cap on Social Security contributions and uses the revenue to expand benefits, had the support of about 90 percent of House Democrats in the last Congress.
Millionaires who cling to their tax breaks don’t want you to know that they’re taking 10 months off from paying into Social Security. Scrap the cap to make sure that they pay their fair share!