Sen. Bernie Sanders (I-Vt.) is reintroducing a measure that would increase Social Security benefits.
Sanders is joined by Sen. Elizabeth Warren (D-Mass.) and Reps. Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.) on the bill, titled the Social Security Expansion Act.
It would expand Social Security benefits by $2,400 a year and ensure the federal program is funded for the next 75 years through a tax on households making more than $250,000 a year, Sanders’ news release said.
The lawmakers noted that it would not raise taxes at all for households that make less than $250,000 annually, which is more than 90 percent of Americans.
“At a time when nearly half of older Americans have no retirement savings and over 26 percent of seniors are trying to survive on an income of less than $17,500 a year, our job is not to cut Social Security as many of our Republican colleagues want to do,” Sanders said in a statement.
The bill reintroduction comes about two months after 20 Republican senators voted against the Social Security Fairness Act. GOP senators battled behind closed doors late last year about bulking up benefits, concerned that it has a hefty price tag. It still passed and former President Biden signed it into law before leaving office.
Sanders noted in his release that the cost estimate for his legislation reflects an analysis conducted by the Social Security Administration that he requested in 2023.
“By requiring millionaires and billionaires to finally pay their fair share into the program, the Social Security Expansion Act would ensure the fund’s solvency to the end of the century,” Sanders’ release said.
It’s the second time Sanders has introduced the legislation. In 2022, Sanders was joined by former Rep. Peter DeFazio (D-Ore.) in introducing the act and hoping to meet the shortfalls many seniors face with their Social Security payments.
