BURLIGTON, Vt., May 31 – U.S. Sen. Bernie Sanders (I-Vt.), a Senate Budget Committee member and founder of the Defending Social Security Caucus, issued the following statement after Social Security trustees today released their annual report on the retirement system’s finances:
“The report from the Social Security trustees confirms what many of us have known, that Social Security is not ‘going broke,’ that it can pay every benefit owed to every eligible American for the next 20 years and that after 2033 there is enough in reserve to pay three-quarters of future benefits.
“Our job now is to make sure Social Security is strong not just for 20 years but for generations to come. The best way to do that is not to cut Social Security cost-of-living adjustments as Republicans and President Obama have proposed, but to do what Obama called for as a candidate in 2008. We must lift the cap on Social Security payroll taxes and make the wealthy contribute the same percentage of their income as other workers. Today, someone making $10 million a year contributes the same amount of money as someone making $113,700. That is absurd.”
To read a fact sheet on the Keeping Our Social Security Promises Act (S.500) to apply the payroll tax that most Americans already pay on all of their income to income above $250,000 a year, click here.
To read the bill cosponsored by Senate Majority Leader Harry Reid (D-Nev.) click here.