John,

Each year, Social Security serves 65 million Americans. And, while Social Security has paid its monthly benefits in full and on time for 86 years, if nothing is done, beneficiaries will see an across-the-board benefit cut of 20% by 2034.

Early this year, millionaires and billionaires stopped paying into Social Security―the FICA payroll tax. That’s because once they earned $142,800, they stopped contributing.

But if Congress required them to pay into Social Security on a larger share of their income―like everyone who makes less than $142,800 has to do―we could not only expand Social Security for millions of people, we could extend the lifespan of the Trust Fund.

And, there is a plan in Congress to do just that. Rep. John Larson (D-CT) has introduced legislation, and President Biden ran on that proposal, to apply the 12.4% payroll tax (split evenly between employee and employer) on earnings above $400,000, which would affect just the top 0.4% of wage earners.[1]

Tomorrow is the 86th anniversary of FDR signing Social Security into law. Will you join Americans for Tax Fairness Action Fund and our allies in calling on Congress to strengthen and expand Social Security for current and future generations?

For about 40% of beneficiaries, Social Security provides a majority of their income; and for 1 in 6 it provides 90% or more of their income. In fact, 5 million seniors who rely on Social Security still live in poverty.

It’s time for Congress to, among other things:

• Increase benefits for all Social Security beneficiaries;

• Improve the COLA (Cost of Living Adjustment) to better reflect the actual needs of seniors and people with disabilities;

• Ensure no one retires into poverty after a full career of work;

• Improve benefits for surviving spouses, restore student benefits for dependent children of disabled, deceased or retired workers, and increases benefits for children living with grandparents or relatives;

• Ensure millionaires and billionaires pay their fair share, and apply FICA contributions to incomes over $400,000.

For 50 years, Congress has failed to increase Social Security’s modest benefits. Sign the petition today to strengthen and expand Social Security and to pay for it by ensuring the wealthy pay their fair share.

Thank you for all that you do to create an economy that works for everyone and to demand millionaires and billionaires start paying their fair share in taxes.

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund

[1] The Social Security 2100 Act, U.S. Rep. John Larson