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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 $160,200―and for millionaires that happens today, 59 days into the year. That’s why we’re fighting to scrap the payroll tax cap to ensure millionaires and billionaires pay more of their fair share.
Whether it’s Rep. John Larson’s (D-CT) Social Security 2100 Act: A Sacred Trust, which would affect just the top 0.4% of wage earners or it’s Sen. Bernie Sanders’ (I-VT) Social Security Expansion Act of 2023, which would ensure everyone earning over $250,000 is paying their fair share into Social Security, 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 scrap the payroll tax cap and ensure millionaires and billionaires start paying their fair share.
Together, we’re fighting for the future of Social Security―and that means making the wealthy pay their fair share.
Thank you,
Sarah Christopherson
Legislative and Policy Director
Americans for Tax Fairness
-- Frank's email --
John,
Tomorrow, millionaires stop paying into Social Security. That’s because once you earn $160,200 in 2023, you stop contributing to Social Security. And someone making $1 million a year gets their first $160,200 in just 59 days. For a billionaire―they made that much shortly after the first hour of the year!
But if millionaires and billionaires paid into Social Security on a larger share of their income―like everyone else does who makes under $160,200―we could not only expand Social Security for millions of people, we could greatly extend the lifespan of the Trust Fund.
And, there are several plans in Congress to do just that.
Donate $5 today to tell Congress to scrap the Social Security payroll tax cap and demand millionaires and billionaires contribute their fair share toward Social Security.
To counter GOP attempts to cut our earned benefits, Senator Bernie Sanders (I-VT) has 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 much more. 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.[1]
In the House, Rep. John Larson (D-CT) has previously introduced the Social Security 2100 Act: A Sacred Trust, 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.[2]
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.
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Frank Clemente
Executive Director
Americans for Tax Fairness
[1] “NEWS: Amid Republican Threats to Social Security, Sanders, Warren, Schakowsky, Hoyle, and Colleagues Introduce Legislation to Increase Benefits and Extend Solvency Through 2096,” U.S. Senator Bernie Sanders, Feb. 13, 2023
[2] The Social Security 2100 Act, U.S. Rep. John Larson
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