A new bill was introduced on Thursday that would raise taxes on the wealthy in order to extend Social Security for 75 years.
The Social Security Expansion Act would make the monthly checks more generous and expand the benefits for current and new beneficiaries.
Raising taxes on high-earning households is part of the plan to improve the program.
Democrats who are co-chairs of the expand social security caucus were joined by others.
The Supplemental Security Income bill may be the first step towards reform of Social Security.
payroll taxes are applied to income up to 147,000 The cap should be lifted and the Social Security payroll tax should be applied to all incomes over $250,000.
For both the employer and employee, Social Security payroll taxes are applied at a rate of 6.2%, which is deducted from pay checks.
The bill calls for having the wealthy pay more through a 12.4% tax on investment and business income, increasing the net investment income tax by 12.4%, and applying the levies to businesses that aren't currently subject to payroll taxes.
There is a cap on income subject to Social Security taxes, which is absurd and unfair.
A worker with an annual income of $150,000 pays 6.2% of their income to Social Security. If they make more than $1.47 million, they pay less to Social Security.
It might make sense to someone. It doesn't seem right to me.
A majority of households would not see their taxes go up.
The solvency of the program would be extended.
New projections from the Social Security trustees show the program's combined funds will only be able to pay full benefits until 2035.
According to a survey by the University of Maryland, raising taxes on the wealthy is popular with voters.
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