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John,
Each year, Social Security lifts more than 20 million people above the poverty line—the majority of them older Americans, but also disabled people and survivors of workers who’ve died young.[1] In fact, Social Security rescues more people from poverty each year than any other federal program.
Of the roughly 66 million Social Security beneficiaries, 40% rely on it as their sole source of income, yet the average benefit is just $1,770 per month.[2][3]
But, if millionaires and billionaires paid their fair share toward Social Security, we could increase benefits for millions of Americans and strengthen the Trust Fund.
Senators Bernie Sanders and Elizabeth Warren have introduced the Social Security Expansion Act, which would increase benefits by $200 each month while extending the lifespan of the Trust Fund by at least 75 years.It’s paid for by lifting the payroll tax cap on earnings over $250,000. In the House, Representative John Larson has introduced the Social Security 2100 Act, which would also expand and strengthen the program by demanding the richest Americans pay their fair share. Both plans would ensure that millionaires and billionaires are paying into Social Security all year long, just like working people do.
The payroll tax cap means that as of this Thursday, February 29th, millionaires stop paying into Social Security. Under the current rules, once you earn your first $168,600 in 2024, you no longer have to contribute.
Add your name and demand Congress lift the payroll tax cap for millionaires and billionaires and make sure the ultra-wealthy are paying their fair share into Social Security.
When they do, we’ll be able to increase benefits for millions of Americans and strengthen Social Security into the next century.
Thank you for taking action today,
Maura Quint
Campaign Director
Americans for Tax Fairness Action Fund
[1] Social Security Lifts More People Above the Poverty Line Than Any Other Program
[2] New Report: 40% of Older Americans Rely Solely on Social Security for Retirement Income
[3] Monthly Statistical Snapshot, January 2024
-- David's email --
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
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