'Right now, a Wall Street CEO who makes $30 million pays the same amount into Social Security as someone who makes $160,000 a year,' said SenSanders. 'Our bill puts an end to that absurdity.'
more than $3.4 billion from the nation's top 11 highest-paid CEOs alone in 2021, including $2.9 billion from Tesla and Twitter executive Elon Musk.
"Right now, a Wall Street CEO who makes $30 million pays the same amount into Social Security as someone who makes $160,000 a year," the Vermont Independent added."Our bill puts an end to that absurdity which will allow us to protect Social Security for generations to come while lifting millions of seniors out of poverty."Before 1935, when it was signed into law by President Franklin D.
Contrary to the claims of GOP lawmakers who are clamoring to slash benefits and postpone eligibility, the latest annual Social Security trustees reportthat the program has a $2.85 trillion surplus in its trust fund, enabling it to pay 100% of promised benefits through 2035, 90% for the next 25 years, and 80% for the next 75 years.
In addition to lifting the tax cap to boost benefits by $200 each month for all recipients, the Social Security Expansion Act would increase Cost-Of-Living-Adjustments by adopting a more accurate measure of inflation, improve the Special Minimum Benefit to help keep low-income workers out of poverty, and restore student benefits up to age 22 for children of disabled or deceased workers.
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