Congress: Expand, don't cut, Social Security.
Senators Harkin and Begich have proposed legislation that would:
- Increase cost of living adjustments (COLAs), not decrease them. Instead of cutting benefits through a Chained CPI formula, Senators Harkin and Begich have proposed using a benefit formula designed specifically to take into account seniors’ rising living expenses such as healthcare, food, and housing.
- Increase Social Security benefits for almost all recipients by approximately $70 per month, or $800 a year. Senator Harkin’s bill would reform the benefit formula for all beneficiaries, but target those most in need. This would result in an across the board benefit increase, with the most going to those in the lower and middle classes.
- Ensure that the wealthy are paying their fair share into Social Security. Currently, Americans are only paying Social Security payroll taxes on their first $113,700. That means that Wall Street CEOs are not paying the same rate as the rest of us. By lifting the payroll tax cap on Social Security, we can extend the life of Social Security for decades to come while expanding benefits.