From Social Security Works (http://www.socialsecurityworks.org/):
Did you know that in February of each year, most millionaires stop paying into Social Security? That’s because, under current law, once you earn $142,800 in a year, you stop contributing to Social Security.
But if the wealthy paid into Social Security on their full income as working families do, we could expand Social Security for millions of people and extend the lifespan of the Trust Fund.
Rep. John Larson (D-CT) has introduced the Social Security 2100 Act: A Sacred Trust to fulfill the promise of our Social Security system and to reduce inequality―paid for by making the wealthy pay more of their fair share. It would apply the Social Security tax to income above $400,000, fulfilling President Biden’s pledge to not raise taxes on anyone earning under $400,000.
Go to https://actionnetwork.org/forms/become-a-grassroots-co-sponsor-of-the-social-security-2100-act to become a grassroots co-signer of the Social Security 2100 Act and tell Congress to protect and expand Social Security.
The Social Security 2100 Act is already co-sponsored by 90% of House Democrats. We need your help to get everyone on board to be sure it gets passed. The bill would:
- Increase benefits across the board for all Social Security beneficiaries
- Improve the Cost-of-Living Adjustment (COLA) so that it reflects the inflation actually experienced by Social Security beneficiaries
- Ensure that no one retires into poverty after a full career of work by improving benefits for long-serving, low-wage workers
- Improve benefits for widows and widowers from two-income households
- Restore student benefits up to age 22 for dependent children
- Increase access to benefits for children living with grandparents
- Repeal the Windfall Elimination Provision and the Government Pension Offset, (WEP/GPO) which have prevented public servants from receiving their full Social Security benefits
- End the five-month waiting period to receive disability benefits
- Increase benefits for the oldest seniors, those who have been receiving benefits for 20 years or more
- Provide caregiver credits to ensure that people are not penalized in retirement for taking time out of the workforce to care for children or other dependents
- End the disability benefit cliff
- Ensure that millionaires and billionaires pay their fair share by applying the Social Security tax to earnings above $400,000
Social Security is relied on by millions of seniors, surviving spouses, children, and people with disabilities. It is particularly important for women and people of color who earn less on average than their white, male counterparts and who have less access to retirement savings. Protecting and strengthening Social Security is critical to fulfilling President Biden’s commitment to racial and gender equity to build an economy that works for all Americans.
Together, we’re demanding an economy and a tax system that works for everyone, not just the wealthy few.
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