Sanders Intros Social Security Measure

Mar 7, 2013

Senator Bernie Sanders

Vermont Senator Bernie Sanders has introduced legislation that would make the wealthiest Americans pay the same Social Security payroll tax as nearly everyone else.

Under the legislation, co-sponsored by Vermont Senator Patrick Leahy and Senate Majority Leader Harry Reid, individuals with annual incomes greater than 250-thousand dollars would pay the same 6-point-2 percent payroll tax that is assessed on those earning up to $113, 700 a year.

Sanders says the move would enhance Social Security without having to  change benefits or raise the retirement age.

Senator Sanders' office cites data from the Social Security Administration saying the revision in the payroll tax would yield about 85-billion dollars a year for the program.