One new bill, the Social Security Expansion Act, seeks to pay retirees an additional $2,400 in benefits annually and seeks to shore up the projected Social Security shortfall by mandating that payroll taxes be applied on all income above $250,000 a year, including capital gains.
The legislation was introduced in the House of Representatives by Peter DeFazio, an Oregon Democrat, and in the Senate by Bernie Sanders, a Vermont independent. The bill would pay current Social Security recipients—and those turning 62 in 2023—an extra $200 per month.
The Social Security Administration announced in July that Americans will stop receiving their full Social Security benefits in about 13 years if Congress fails to bolster the program.
“This legislation would ensure that the Social Security Trust Fund remains solvent for another 75 years,” said DeFazio, a trained gerontologist, in a statement.
Sanders said the legislation would ensure “every senior citizen in America can retire with the dignity they deserve ... by demanding that the wealthiest people in America pay the same amount of Social Security taxes as someone making $147,000 a year. It’s time to scrap the cap, expand benefits and fully fund Social Security.”