![]() Our bill puts an end to that absurdity which will allow us to protect Social Security for generations to come while lifting millions of seniors out of poverty.” Right now, a Wall Street CEO who makes $30 million pays the same amount into Social Security as someone who makes $160,000 a year. ![]() The legislation that we are introducing today will expand Social Security benefits by $2,400 a year and will extend the solvency of Social Security for the next 75 years by making sure that the wealthiest people in our society pay their fair share into the system. “Our job is to expand Social Security so that every senior in America can retire with the dignity that they deserve and every person with a disability can live with the security they need. “At a time when nearly half of older Americans have no retirement savings and almost 50% of our nation’s seniors are trying to survive on an income of less than $25,000 a year, our job is not to cut Social Security,” Sanders said in the statement. According to a press release from Sanders’ office, this will be done “all without raising taxes by one penny on over 93% of American households that make $250,000 or less.” The latest draft of the bill also provides a way forward for the severely underfunded program, ensuring that future generations can receive benefits through 2096 by taxing the highest earners in the country. Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.) - have renewed interest amid proposed cuts to Social Security as the U.S. While the initial June 9 introduction of the measure has remained dormant, Sanders and a new coalition of supporters - including cosigners Sen. Under terms of the bill, anyone who is a current Social Security recipient, or who will turn 62 in 2023, would receive an extra $200 in each monthly check. Meaning, Social Security recipients could get an additional $2,400 a year in benefits if the bill wins approval - something seniors would no doubt welcome as inflation wipes out their annual cost-of-living increases. Learn: 3 Ways to Recession Proof Your RetirementĪs GOBankingRates previously reported, the Social Security Expansion Act was first introduced on June 9 by Sanders and U.S. Social Security: No Matter Your Age, Do Not Claim Benefits Until You Reach This Milestone Bernie Sanders (Vt.) formally reintroduced The Social Security Expansion Act to Congress, and this time, he had a lot more support from fellow lawmakers pushing the initiative.
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