When Social Security was developed, 50 percent of seniors lived in poverty. Today, that number is 10 percent -- still too high, but a testament to the success of Social Security.
The truth is that today, according to the Social Security Administration, Social Security has a $2.7 trillion surplus and can pay out every benefit owed to every eligible American for the next 25 years.
Further, because it is funded by the payroll tax and not the U.S. Treasury, Social Security has not contributed one nickel to our deficit.
Now -- in a prolonged recession that has decimated the poor and middle class and pushed more Americans into poverty than at any point in modern history -- we need to strengthen Social Security. That's why I, along with nine co-sponsors, have introduced the "Keeping Our Social Security Promises Act." This legislation would lift the Social Security Payroll tax cap on all income over $250,000 a year, would require millionaires and billionaires to pay their fair share into the Social Security Trust Fund, and would extend the program for the next 75 years.
Right now, someone who earns $106,800 pays the same amount of money into Social Security as billionaires like Bill Gates and Steve Jobs. That is because today, all income above $106,800 is exempt from the Social Security tax. As a result, 94% of Americans pay Social Security tax on all of their income, but the wealthiest 6% do not.
That makes no sense.
The "Keeping Our Social Security Promises Act" will ensure the long-term solvency of Social Security without cutting benefits, raising the retirement age or raising taxes on the middle class.
Social Security is keeping tens of millions of seniors out of poverty today. I can think of no more important issue facing our country today than making sure that Social Security remains strong for generations to come.
Join me and Democracy for America in fighting to strengthen Social Security -- Sign on as a citizen co-sponsor of the Keeping Our Social Security Promises Act.