Social Security Plan to Boost Benefits by $2,400 Floated by Bernie Sanders
Summary
Senator Bernie Sanders proposes increasing Social Security benefits by $2,400 annually while extending the program’s funding for 75 years. His plan would raise taxes on income above $250,000, including investment income, to help avoid a 22% benefit cut scheduled for 2032 without congressional action.Key Facts
- Social Security faces a funding shortfall that could cut benefits by 22% starting in 2032.
- Sanders proposes raising Social Security payroll taxes on income and investments over $250,000.
- Currently, payroll taxes apply only up to an income limit of $184,500.
- The plan would not raise taxes for 91% of Americans earning less than $250,000 a year.
- More than 70 million Americans rely on Social Security benefits.
- Nearly half of seniors live on less than $30,000 annually, with over 20% living on less than $15,000.
- Sanders opposes privatizing Social Security and wants to keep it government-run.
- The proposal is based on Social Security Administration analysis showing solvency can be extended for 75 years with these changes.
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