Bernie Sanders introduces bill to end payroll tax cap, ensuring full Social Security funding for nearly 75 years

Most people, I suspect, don’t realize that rich Americans don’t pay payroll taxes on their entire incomes, like the rest of us. They don’t. If Senator Bernie Sanders gets his way, though, all of that may stop. Word is that he’s submitting legislation that would remove the payroll tax cap, thereby insuring the future of Social Security, without cuts, for the next 75 years. The following clip comes from Think Progress.

…To keep Social Security strong for another 75 years, Sanders’ legislation would apply the same payroll tax already paid by more than nine out of 10 Americans to those with incomes over $250,000 a year… Under Sanders’ legislation, Social Security benefits would be untouched. The system would be fully funded by making the wealthiest Americans pay the same payroll tax already assessed on those with incomes up to $106,800 a year…

Here’s a link to Bernie’s press release. And, assuming you agree, you can contact your Senators and ask them to support Sanders, by clicking here.

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8 Comments

  1. Edward
    Posted August 26, 2011 at 1:26 am | Permalink

    Sadly, I can’t imagine Stabenow or Levin signing on.

  2. Meta
    Posted August 26, 2011 at 10:54 am | Permalink

    Kucinich is also doing good work.

    Congressman Dennis Kucinich (D-OH) today called upon General Electric’s Chairman and CEO, Jeffrey Immelt to resign from his position as head of the President’s Council on Jobs and Competitiveness. Kucinich’s statement came in response to news reports that, in exchange for short-term profit, GE is sending advanced technology to China that was originally created by NASA.

    “If he does not resign, the White House should remove him,” Kucinich said.

    “As 14 million Americans struggle with unemployment, General Electric, under Mr. Immelt’s leadership, is exporting highly-sophisticated technology to the Chinese in order to book short-term profits for GE. GE strives mightily to avoid paying federal income taxes, but goes ‘all in’ on a deal to transfer U.S. government-subsidized technology to the Chinese. Jeffrey Immelt has a conflict of interest. He cannot ethically advise the President on how to create American jobs and promote American competiveness, while at the same time leading a company that is exporting American technology and, along with it, American jobs,” said Kucinich.

    A report in Monday’s Washington Post described the transfer of a virtual reality display system for airplane cockpits that GE is transferring to the Chinese as part of its joint venture with a Chinese state-owned company. The display system GE is transferring was originally developed using Synthetic Vision technology created by NASA in partnership with private industry. NASA has committed millions of dollars to pursue development of synthetic vision systems.

    Kucinich added, “American taxpayers subsidized the development of this advanced technology, but U.S. taxpayers’ investment will end up creating jobs in China. In the short term, GE is selling products to the Chinese, which will help GE’s bottom line. In the long term, the Chinese will end up manufacturing and selling products using the same technologies that were made in America.”

    More:
    https://www.commondreams.org/newswire/2011/08/24-9

  3. Kim
    Posted August 26, 2011 at 1:19 pm | Permalink

    Video of Kucinich absolutely kicking ASS against a hired Republican think tanker on health care stats comparing the US and Canada.

    http://front.moveon.org/dennis-kucinich-slams-right-wing-health-care-expert/?rc=fb.fan

  4. dirtgrain
    Posted August 26, 2011 at 4:31 pm | Permalink

    I saw this today: $23,000 for circumcision.

    Back on topic, I’ve seen a lot of Bernie Sanders lately in the media. But how much influence does he have in the Democratic Party?

  5. Elf
    Posted August 27, 2011 at 2:29 am | Permalink

    That’s an outrage. No one should have to pay that much to mutilate their cock.

  6. Posted August 29, 2011 at 9:36 pm | Permalink

    I wonder how this would work. Your social security check is indexed to your earnings. So if people pay more, they’ll end up collecting more and unless there’s some sort of cap on payments, we’ll end up right back where we started. More in, but more out.

  7. Mr. X
    Posted August 30, 2011 at 7:32 am | Permalink

    As I understand it, and I could be wrong about this, you don’t get back every dollar you put into Social Security. It’s not, in other words, like a 401 K. Some people get back more than they put in, and some get back less. Regardless, though, I believe we’re headed for some kind of means-testing, where everyone pays in, but only the truly needy are able to receive funds. I don’t necessarily like that idea, but I think that’s where we’re headed.

  8. Glen S.
    Posted August 30, 2011 at 9:47 am | Permalink

    While I support the idea of lifting the earnings cap on Social Security taxes — the proposal for “means testing” Social Security *benefits* is a terrible idea, and the beginning of a very slippery slope.

    Unlike many other government programs, one of the main reasons Social Security has (traditionally) been so popular is because nearly all workers eventually benefit from it — regardless of how low (or high) their income when they become eligible to retire. And, even many relatively comfortable, middle-class folks appreciate knowing that “mom” or “dad” will have a little extra coming in each month to help them pay their electric bill, or to help with nursing home costs.

    However, if we turn SS into a program where everyone pays in, but only the poor (or middle-class) receive benefits, it will soon become seen as another “welfare” program — especially by many wealthy people who already resent paying taxes — which will lead to further weakening popular (and political) support for this cornerstone of the New Deal social safety net.

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