The Must-Read Bernie Sanders Quote on Social Security
Senator Bernie Sanders (I-VT) introduced a bill in the U.S. Senate in June that would extend the solvency of Social Security through 2096 and increase benefits by $2,400 per year for beneficiaries.
The Social Security Expansion Act, sponsored by Sanders and Senator Elizabeth Warren (D-MA), would lift the income tax cap and apply the Social Security payroll tax to all income above $250,000. Currently, the payroll tax applies to just the first $147,000 of a person's earnings. Sanders says 93% of households would not see a tax increase if this bill is passed.
"It is absurd that a billionaire in America today pays the same amount of Social Security taxes as someone making $147,000 a year," Sanders said. "It's time to scrap the cap, expand benefits, and fully fund Social Security. I am proud that the Social Security Administration has estimated that our legislation to expand Social Security benefits by $2,400 a year will fully fund Social Security for the next 75 years by applying the payroll tax on all income -- including capital gains -- above $250,000 a year."
Source Fool.com
