Social Security Plan to Boost Benefits by $2,400 Floated by Bernie Sanders
The independent Vermont senator urged Democrats to back the expansion of the retirement program rather than benefit cuts.
A proposal by Vermont Senator Bernie Sanders aims to increase Social Security benefits by $2,400 per month for millions of recipients, according to a letter sent to Democratic lawmakers. The proposal seeks to extend the program's solvency for 75 years. Currently, the Social Security Administration projects that benefits will be cut by 22% in six years if no action is taken.
Sanders argues that the current system disproportionately benefits the wealthiest Americans, as they only pay 0.6% of their income into the system compared to those earning less. Under Sanders' plan, Social Security payroll taxes would apply to all income above $250,000, including investment income, without increasing taxes for those earning less than $250,000 annually.
The proposal faces an uncertain path in Congress, as Republicans generally oppose increasing taxes on higher earners.
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