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Require millionaires and billionaires to pay their fair share into Social Security.This bill would more accurately measure spending patterns of seniors by adopting the Consumer Price Index for the Elderly (CPI-E), which would change the formula to reflect what seniors spend a disproportionate amount of their income on such as health care and prescription drugs. Increase Cost-of-Living Adjustments (COLAs ).Under this bill, Social Security benefits for someone turning 62 next year would be $200 per month higher. Expand Social Security benefits across-the-board for current and new beneficiaries.Under this bill, more than 93 percent of households would not see their taxes go up by one penny. This legislation would lift the income tax cap and subject all income above $250,000 to the Social Security Payroll tax. Extend the solvency of the Social Security trust fund 75 years, through 2096, by requiring the wealthiest Americans to pay their fair share into the fund, just like everyone else.“The Senior Citizens League (TSCL) is proud to support Congressman DeFazio’s Social Security Expansion Act. An extra $200 a month would go a long way in helping retirees make ends meet and extending the solvency of the Social Security program for 75 years means this benefit will pay itself forward for years to come,” said Richard Delaney, Chair, The Senior Citizens League. Thank you, Representative DeFazio, for your tireless and effective work on behalf of all working families,” said Nancy Altman, President of Social Security Works. The legislation not only pays for every penny of improvements, but also restores Social Security to long-range actuarial balance. It greatly improves the economic security of all working families, including the economic security of every single one of Social Security’s more than 65 million beneficiaries. This important legislation substantially increases Social Security’s modest benefits both across-the-board and in targeted ways. "Social Security Works enthusiastically endorses the Social Security Expansion Act. DeFazio for introducing this legislation,” said Max Richtman, President and CEO, National Committee to Preserve Social Security and Medicare On behalf of our millions of members and supporters across the country, we applaud Rep. Enactment of the Social Security Expansion Act would provide positive proof that Congress takes Social Security seriously and can work together to strengthen and improve this program that is so important to Americans’ economic wellbeing - without privatization or benefit cuts. “It is well past time for Social Security to be updated to meet the needs of today’s workers and beneficiaries. I am proud that the Social Security Administration has estimated that our legislation to expand Social Security benefits by $2,400 a year will fully fund Social Security for the next 75 years by applying the payroll tax on all income – including capital gains – above $250,000 a year.” It’s time to scrap the cap, expand benefits, and fully fund Social Security. And we will do that by demanding that the wealthiest people in America pay the same amount of Social Security taxes as someone making $147,000 a year. “Our job must be to expand Social Security so that every senior citizen in America can retire with the dignity they deserve and every person with a disability can live with the security they need.
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“At a time when half of older Americans have no retirement savings and millions of senior citizens are living in poverty, our job is not to cut Social Security,” said Sen. “This legislation would ensure that the Social Security Trust Fund remains solvent for another 75 years, increase monthly benefits for most recipients by $200, and alter the cost-of-living-adjustment (COLA) formula to meet the everyday needs of our nation’s seniors.” With the cost of living at an all-time high, Social Security has never been more important, yet Congressional Republicans continue to play games with its funding,” said Rep. One of my highest priorities is protecting Social Security, which millions of Americans rely on, including hundreds of thousands of Oregonians.
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“As a trained gerontologist, I have devoted my career to protecting and expanding programs that are vital to seniors. WASHINGTON - Congressman Peter DeFazio and Senator Bernie Sanders today introduced joint legislation, the Social Security Expansion Act (SSEA), to strengthen and expand Social Security for current and future generations.