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John,
Each year, in February, millionaires stop paying into Social Security. Why? Because once you earn $160,200 in 2023, you stop contributing to the Social Security trust fund. And someone making $1 million a year gets their first $160,200 in just 58 days. For a billionaire―they made that much shortly after the first hour of the year!
Republicans (and some conservative Democrats) claim that the only way to save Social Security is to make cuts―either by increasing the retirement age to 70 or reducing Social Security’s already modest benefits. The average benefit was just $1,628 a month last year, or under $20,000 a year.[1]
House Republicans are even threatening to hold the debt ceiling hostage in order to extract cuts from Social Security and Medicare.[2] But they’re not doing this in order to save Social Security. On the contrary, they’re interested in slashing its funding to reduce the federal debt, which Social Security has not caused because it is separately funded by your payroll taxes.
That’s why we’re fighting alongside our champions in Congress to make Social Security be able to pay full benefits for the next 75 years and even expand benefits for those most in need―and fully pay for it by lifting the payroll tax cap to make millionaires and billionaires pay their fair share. Just look at this tweet from Senator Bernie Sanders:
Donate today to fight for Senator Bernie Sanders’ bill in the Senate and Rep. John Larson’s bill in the House to scrap the cap and guarantee everyone their full Social Security benefits for the next 75 years and even expand those benefits.
Bernie Sanders’s bill would expand Social Security benefits by $2,400 a year while extending the lifespan of the trust fund by another 75 years and improving cost of living adjustments to better reflect the needs of older recipients. It does this by raising the payroll tax cap on anyone earning above $250,000 a year.[3]
John Larson’s bill would also increase monthly Social Security benefits and extend the lifespan of the trust fund by lifting the payroll tax cap on anyone earning above $400,000 a year.[4]
Pitch in today to demand Congress scrap the cap and expand Social Security benefits for millions of Americans.
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We will not stand by while Republicans and some conservative Democrats “negotiate” over how to cut Social Security―because we know we can expand benefits when the wealthy finally start paying their fair share.
Thank you,
Frank Clemente
Executive Director
Americans for Tax Fairness Action Fund
[1] Social Security average retirement monthly benefit, USA FACTS
[2] “House GOP eyes Social Security, Medicare amid spending battle,” The Washington Post, Jan. 24, 2023
[3] “NEWS: Sanders, Warren, and Colleagues Introduce Legislation to Expand Social Security by $2,400 a Year and Extend Solvency for 75 Years,” June 9, 2022 U.S. Senator Bernie Sanders
[4] The Social Security 2100 Act, U.S. Rep. John Larson
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