Sen. Bernie Sanders (I-Vt.) today introduced legislation cosponsored by Senate Majority Leader Harry Reid (D-Nev.) to strengthen Social Security by making the wealthiest Americans pay the same payroll tax that nearly everyone else already pays.
Rep. Peter DeFazio (D-Ore.) introduced the companion bill in the House. He joined Sanders at a news conference in the Capitol to discuss their bill to bolster Social Security without raising the retirement age or lowering benefits.
“Social Security is the most successful government program in our nation’s history. Through good times and bad, Social Security has paid out every benefit owed to every eligible American,” Sanders said. “The most effective way to strengthen Social Security for the future is to eliminate the cap on the payroll tax on income above $250,000 so millionaires and billionaires pay the same share as everyone else.”
Reid said, “I want to thank Sen. Sanders for his outstanding leadership in support of Social Security and the millions of Americans who rely on the program. His legislation should make people think twice before assuming that the only way to strengthen Social Security is to take away benefits that seniors have earned, or raise taxes on the middle class.”
DeFazio added, “Despite the hype, Social Security is not now, and never was, the cause of our deficit. Those spreading these false claims are the same people who have for years been working with Wall Street to privatize the program. We shouldn’t cut benefits or try to balance the budget on the backs of seniors who have earned these benefits. We can just close a tax loophole that allows millionaires and billionaires to pay a lower percentage of their income into Social Security than everyone else.”
News you won’t see on NBC, CBS, ABC, or most any cable network unless Rachel Maddow mentions it on her show. (Do a web news search on “sanders reid defazio social security” and the top links will all be to places like Common Dreams, Huffington Post, or Daily Kos — in other words, places the average American doesn’t seek out for news.
That’s why we exist, and why we do things like this.