Bernie Sanders is proposing to Biden a Social Security TAX on all income over $250,000 to prevent the fund from depleting. So will the president break his promise to raise rates for those making less than $400,000?
- Senator Bernie Sanders is trying to get President Joe Biden to support his ‘Social Security Expansion Act’
- The Washington Post reported Thursday that Sanders presented the plan to Biden during an Oval Office meeting in late January.
- The bill would allow income over $250,000, including investments, to be taxed for Social Security, removing the current $160,000 income limit.
Senator Bernie Sanders is pressing President Joe Biden to adopt a Social Security tax plan that would fund the program for decades, but break the president’s promise not to raise taxes on Americans making less than $400,000.
The Washington Post reported on Thursday at a meeting Sanders and Biden had last month in the Oval Office, with Vermont’s progressive pitching for the president to sign Sanders’ ‘Social Security Expansion Act,’ to contrast him with Republicans who, according to Democrats, are willing to cut benefits.
Right now, the first $160,000 in a worker’s income is taxed for Social Security and that’s it.
Sanders’ bill would remove that limit and allow all income over $250,000 to be taxed, including investments.
In addition, it would increase Social Security checks annually by $2,400, giving seniors an additional $200 per month.
Senator Bernie Sanders (left) is pushing President Joe Biden (right) to adopt a Social Security tax plan that would fund the program for decades, but break the president’s promise not to raise taxes on lower-earning Americans of $400,000
A chart from the nonpartisan Congressional Budget Office shows how Social Security outlays outpace your income from the same funds. Sanders’ plan would close this gap by taxing the incomes of wealthy Americans more.
The proceeds would keep Social Security funded for the next 75 years.
So far, Sanders has the support of several progressive Democrats, including Sen. Elizabeth Warren and Rep. Alexandria Ocasio-Cortez, but almost no one else.
Sanders told The Post that Biden was non-committal in their meeting.
‘It is not enough to point out the reactionary and anti-worker vision of the Republican Party. We have to present a positive alternative, in favor of the workers,’ said the former Democratic presidential candidate. “The truth is that Social Security does have a solvency problem and we have to solve it.”
Congress has until 2032 to determine a new funding source for Social Security or benefits will have to be cut, according to the Congressional Budget Office.
Biden has slapped Republicans in the face in recent weeks, especially in his State of the Union address, over comments made by some GOP members about wanting to cut the program.
During his speech, he apparently got Republicans to agree not to touch Social Security and Medicare.
But he hasn’t specifically said how he will keep the programs afloat.
When asked about it twice at the press conference, White House press secretary Karine Jean-Pierre said: “The president’s plan is to protect Social Security.” He’s going to protect Medicare’, without divulging details.
‘What we’re saying is, and I just said this: these are programs where the American people pay. These are programs for our veterans, for our seniors, right? -Americans across the country really value and need it,’ he responded when the question was posed again.
But Jean-Pierre’s vagueness may be by design.
A senior Democratic pollster who has been speaking with White House staff said there was no point in the Biden administration going into detail because it exposes the president to more attacks.
“There is a faction within the White House that feels the need to offer a plan, although I personally think it is misplaced,” the pollster told The Post. ‘Stick to our core message: Hands off our seniors. That’s working.