Bill to secure long-term solvency introduced

Sen. Bernie Sanders (I-VT) and 9 co-sponsors introduced the Keeping Our Social Security Promises Act (S. 1558). The bill seeks to ensure long-term solvency of the Social Security Trust Fund by eliminating the cap on earnings subject to payroll taxes. It would immediately eliminate the cap on earned income above $250,000 and gradually (over 25 years) eliminate the cap between the current level ($106,800) and $250,000.  The Chief Actuary of the Social Security Administration has projected that applying the Social Security payroll tax to earned income above $250,000 will raise about $85 billion per year and will extend the solvency of Social Security for the next 75 years. The Arc supports proposals to ensure the long-term solvency of Social Security that spread the costs, while preserving the program’s basic structure and strengthening its insurance functions.

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