Currently the Larson bill, with its 202 cosponsors, would raise the Social Security income cap to $400,000 to keep it in line with President Biden’s tax promises, but would not levy unearned income tax, Adcock said.
Ranking Senate Budget Committee member Sen. Lindsey Graham (R-S.C.) said last week that Social Security’s retirement age would probably need to be raised, a step that Sen. Mitt Romney (R-Utah) also supports.
While hailing Sander’s bill as “a wonderful plea, which many, many people agree with,” Romney said at a Senate Budget Committee hearing last week “this bill has no chance whatsoever of receiving a single Republican vote in either house.”