by Social Security trustees showed the program's trust fund has
$2.7 trillion in reserves and will grow to $3.06 trillion by
2021, enough to maintain the unbroken record of paying every
nickel owed to every beneficiary in full for another two
decades.
Sen. Bernie Sanders (I-Vt.) has introduced legislation to
strengthen Social Security and guarantee benefits for 75 years
by extending the payroll tax that most Americans already pay to
those who earn above $250,000 a year.
"The most effective way to strengthen Social Security for the
next 75 years is to eliminate the cap on the payroll tax on
income above $250,000. Right now, someone who earns $110,100
pays the same amount of money into Social Security as a
billionaire. That makes no sense," said Sanders, the chairman of
the Defending Social Security Caucus. He also chairs the Senate
aging subcommittee.
Under the proposed legislation, the wealthiest Americans would
pay the same payroll tax rate already assessed on those with
incomes up to $110,100 a year. Social Security officials have
calculated that the simple change would keep the retirement
program strong for another 75 years. The legislation also
follows through on a proposal that President Barack Obama made
in 2008 when he was running for president.
The Keeping Our Social Security Promises Act is cosponsored by
Sens. Daniel Akaka (D-Hawaii), Richard Blumenthal (D-Conn.),
Barbara Boxer (D-Calif.), Al Franken (D-Minn.), Amy Klobuchar
(D-Minn.), Patrick Leahy (D-Vt.), Claire McCaskill (D-Mo.),
Barbara Mikulski, (D-Md.), Harry Reid (D-Nev.) and Sheldon
Whitehouse (D- R.I.).
Since it was signed into law 76 years ago, Social Security has
kept millions of senior citizens, widows, widowers, orphans, and
the disabled out of poverty. Before Social Security, about half
of senior citizens lived in poverty. Today, less than 10 percent
do.
"I strongly disagree with some of my colleagues who want to
balance the budget by cutting Social Security, Medicare,
Medicaid and other programs that are of enormous importance to
seniors and the working families of our country. There are ways
to address the deficit crisis without attacking some of the most
vulnerable members of our society. As chairman of the Defending
Social Security Caucus, I will do everything in my power to make
sure that the promises made to seniors will be kept."
Social Security provides support for 55 million people,
including 38 million retired workers, 6 million widows, widowers
and orphans, and 11 million disabled workers. The most
successful government program in our nation's history has not
contributed one dime to the federal deficit.
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