This bill would require the wealthy pay the same 12.4 percent on their investments and business income by increasing the net investment income tax by 12.4 percent and applying it to certain business income not already covered by payroll taxes. Require millionaires and billionaires to pay their fair share into Social Security. Currently, workers have 12.4 percent taken out of each paycheck and contributed to the Trust Fund, half paid by the employer and half by the worker. This bill would more accurately measure spending patterns of seniors by adopting the Consumer Price Index for the Elderly (CPI-E), which would change the formula to reflect what seniors spend a disproportionate amount of their income on such as health care and prescription drugs. Increase Cost-of-Living Adjustments (COLAs).Expand Social Security benefits across-the-board for current and new beneficiaries. Under this bill, Social Security benefits for someone turning 62 next year would be $200 per month higher.Under this bill, more than 93 percent of households would not see their taxes go up by one penny. This legislation would lift the income tax cap and subject all income above $250,000 to the Social Security Payroll tax. Extend the solvency of the Social Security trust fund 75 years, through 2096, by requiring the wealthiest Americans to pay their fair share into the fund, just like everyone else.Last week Congressman Peter DeFazio and Senator Bernie Sanders introduced joint legislation, the Social Security Expansion Act (SSEA), to strengthen and expand Social Security for current and future generations.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |