John,

While 94% of workers pay into Social Security all year long, that’s not the case for millionaires and billionaires.[1] Billionaires like Elon Musk and Jeff Bezos stop paying into Social Security within the first two hours of the year―Elon Musk is done just 4 minutes into the New Year![2]

This is because, after you earn your first $168,600, you stop contributing to Social Security. And, with more and more wealth and income going to the richest 1%, less and less is bolstering the Social Security Trust Fund for current and future generations.

If nothing is done, starting in 2034, Social Security will only be able to pay roughly 80% of benefits owed.[3]

The Republican solution is to cut benefits. They want to create a so-called “fiscal commission” to propose cuts to Social Security behind closed doors. But the responsible solution is making millionaires and billionaires pay their fair share. And there are multiple plans in Congress to do just that!

Senators Bernie Sanders (I-VT) and Elizabeth Warren (D-MA) have introduced the Social Security Expansion Act of 2023, and Representative John Larson has introduced the Social Security 2100 Act.

There are minor differences to the bills, but both would make millionaires and billionaires pay into Social Security all year long, just like most working people already do. And, both bills would increase benefits for millions of Americans while extending the lifespan of the Trust Fund.

Sign now to demand Congress lift the payroll tax cap for millionaires and billionaires to ensure the very wealthiest are paying into Social Security all year long, just like working people do.

This week, just as millionaires are done paying into Social Security, congressional Republicans are trying to attach their fiscal commission―which seeks to cut Social Security, Medicare, Medicaid, and more behind closed doors―to must-pass government funding bills.

If Congress does not act by March 1st, the federal government will enter a partial shutdown. And if they don’t act by March 8th, it’ll be completely closed down.

By holding the government hostage, Republicans are trying to force Democrats to accept a fiscal commission that will target critical services without asking for a penny more in tax revenue from millionaires, billionaires and big corporations. But we’re fighting back!

Add your name now and demand that millionaires and billionaires pay into Social Security all year long, just like working people do, to expand Social Security benefits for millions of Americans and strengthen the Trust Fund.

Together, we’re fighting for the future of Social Security and for a tax code that ensures the ultra-wealthy are paying their fair share.

Thank you,

David Kass
Executive Director
Americans for Tax Fairness Action Fund

[1] Workers pay Social Security taxes all year long, but the super-rich don’t
[2] 200 People Already Paid Their Social Security Taxes: Happy New Year!
[3] Social Security Board of Trustees: Projection for Combined Trust Funds One Year Sooner than Last Year