John,
Social Security is one of the most successful programs in American history, paying out benefits on time for nearly a century and lifting millions out of poverty. Before it was created, nearly half of America’s seniors lived in poverty. Today, that number is down to 10.3%.
Despite Social Security’s success, too many seniors and people with disabilities still struggle. Yet Republicans push plans to cut benefits for 257 million Americans, 3 out of 4, forcing people to work longer for less. And now, the world’s richest man, Elon Musk, is pushing for $500 billion in Social Security cuts, just to hand out $4.5 trillion in tax cuts to the ultra-rich.
This is no time to cut Social Security; instead, its success should be strengthened and expanded! The Social Security Expansion Act, led by Sen. Bernie Sanders and Reps. Jan Schakowsky and Val Hoyle, does exactly that.
It increases benefits by $2,400 a year, ensures Cost-of-Living Adjustments (COLAs) actually reflect seniors' expenses on medicines and healthcare, protects low-income workers from poverty in retirement by boosting the Special Minimum Benefit, and requires millionaires and billionaires to contribute the same percentage of their income as the rest of us.
If Congress had passed the Social Security Expansion Act just four years ago when it was first introduced, Musk would have paid $2.9 billion more in taxes. Social Security would be solvent for 75 years, benefits would have increased by $2,400 per recipient, and 93% of Americans wouldn’t have paid a penny more in taxes.
Show your support for the Social Security Expansion Act, and ensure that every American can retire with dignity and financial security. Sign on now!
Under current law, Musk, along with other billionaires and multi-millionaires, pays a far lower percentage of his income into Social Security than the average American worker. This is because the investment and business income that stokes his vast fortune is completely shielded from payroll taxes, so the Social Security tax rate on his billions is effectively zero.
The Social Security Expansion Act strengthens Social Security by making the wealthy finally pay their fair share. Currently, the ultra-wealthy pay exactly zero Social Security for income that exceeds $176,000 a year. This means a CEO who makes $20 million a year pays no Social Security tax on more than $19.8 million of his income.
This bill will lift the cap on taxable earnings, while also applying the same tax to investment and business income that regular workers already pay on every paycheck. It even restores benefits for students whose parents are disabled or deceased and ensures a more stable future by combining the trust funds for retirees and people with disabilities.
This is common sense. It’s fair. And it’s exactly what Congress should be doing to protect and expand Social Security -- not gutting it to satisfy self-satisfied billionaires. We can afford to strengthen Social Security. What we can’t afford is to let billionaires like Musk hijack the system to enrich themselves while working people struggle.
Instead of forcing Americans to work longer for less just to protect billionaire fortunes, let’s expand Social Security and make the wealthy pay their fair share.
Let’s protect and strengthen Social Security. Show your support for the Social Security Expansion Act of 2025!
Thank you for helping to ensure that every American can retire with dignity and financial security.
- DFA AF Team
