John,

Today is Millionaire’s Day.

You might be thinking, “Isn’t every day Millionaire’s Day?” Yeah, fair point. But today is the day that millionaires stop paying into Social Security. Why?

Right now, Social Security contributions stop after you’ve earned your first $168,600―and for millionaires that happens today, 60 days into the year. That’s why we’re fighting to lift the payroll tax cap to ensure millionaires and billionaires pay more of their fair share.

Whether it’s the Social Security Expansion Act of 2023, sponsored by Senators Bernie Sanders (I-VT) and Elizabeth Warren (D-MA), which would ensure everyone earning over $250,000 is paying their fair share into Social Security; or Representative John Larson’s (D-CT) Social Security 2100 Act, which would affect just the top 0.4% of wage earners, there are multiple plans in Congress to scrap the cap―and use that revenue to expand benefits for millions of Americans while extending the lifespan of the Trust Fund.

Pitch in today to demand Congress lift the payroll tax cap and ensure millionaires and billionaires start paying their fair share.

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Together, we’re fighting for the future of Social Security―and that means making the wealthy contribute more.

Thank you,

Maura Quint
Campaign Director
Americans for Tax Fairness Action Fund

-- David's email --

John,

This week, millionaires stop paying into Social Security. That’s because once you earn $168,600 in 2024, you stop contributing to the program. And someone making $1 million a year gets their first $168,600 in roughly 60 days. For a billionaire? They make that much within the first two hours of the year![1]

But if millionaires and billionaires paid into Social Security on a larger share of their income―like everyone else does who makes under $168,600―we could not only expand Social Security for millions of people, we could strengthen the Trust Fund into the next century.

And, there are several plans in Congress to do just that.

Donate $5 today to tell Congress to lift the Social Security payroll tax cap and demand millionaires and billionaires contribute their fair share to Social Security.

DONATE

To counter GOP attempts to cut our earned benefits, Senators Bernie Sanders (I-VT) and Elizabeth Warren (D-MA) have introduced the Social Security Expansion Act of 2023, which would increase benefits by $2,400, extend the lifespan of the Trust Fund by 75 years and make other improvements to the program. And, it’s completely paid for by scrapping the payroll tax cap on incomes over $250,000―meaning that millionaires and billionaires would finally start paying more of their fair share.[2]

In the House, Rep. John Larson (D-CT) has previously introduced the Social Security 2100 Act, which would affect just the top 0.4% of wage earners. It would fulfill the promise of our Social Security system by improving benefits for millions of seniors living in poverty and extending the lifespan of the Trust Fund―once again, paid for by making the wealthy pay more of their fair share.[3]

At this time of deep financial insecurity for millions of people, Social Security’s future could not be more important. Donate today to fight to expand our earned benefits and extend the lifespan of the Social Security Trust Fund―paid for by making millionaires and billionaires pay their fair share.