John,

If millionaires, billionaires, and upper-income households paid into Social Security on a larger share of their income―like everyone else does who makes under $147,000―we could increase Social Security benefits for millions of people and greatly extend the lifespan of the Social Security Trust Fund.

That’s exactly what the new proposal from Senators Bernie Sanders and Elizabeth Warren and Representative Peter DeFazio does!

Their new plan to expand Social Security would increase benefits by $200 per month and extend the Social Security Trust Fund for another 75 years. It’s all paid for, mostly by lifting the payroll tax cap so that those making more than $250,000 pay taxes on income above that level.

Tell Congress to Act! Sign on to the Sanders/Warren/DeFazio plan to expand Social Security and make the wealthy contribute more of their fair share.

In addition to paying recipients an extra $2,400 each year, the plan could make the annual Cost-Of-Living-Adjustment more generous by more accurately measuring the spending patterns of seniors. That means, instead of measuring inflation on items like flat screen TVs, the new COLA would reflect cost changes on items like prescription drugs and food.

This new plan would also more effectively tax the incomes of millionaires and billionaires. Currently, workers making under $147,000 a year have 12.4% taken out of each paycheck and contributed to the Trust Fund, half paid by the employer and half by the worker. This new plan would require the wealthy to pay the same 12.4% on their investment and business income by increasing the net investment income tax by 12.4% and applying it to certain business income not already covered by payroll taxes.

The plan would help low-income workers by improving the Special Minimum Benefit for Social Security recipients, indexing the benefit level so that it’s equal to 125% of the poverty line, or about $17,000 for a single worker who had worked their full career.

Click here to learn more about the Sanders/Warren/DeFazio plan to expand Social Security, then sign-on and tell Congress to act!

At a time when Americans are paying, on average, an extra $460 out of pocket each month due to inflation on items ranging from food to gas to housing, we’re demanding Congress pass policies that put more money into peoples’ pockets.[1]

Thank you for taking action today,

Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund

[1] “Wages are up but inflation causes pay cut,” ABC News 9 WCRG, June 17, 2022