Social Security Expansion Act Reintroduced

New proposal aims to increase benefits and ensure funding for future generations.

Posted 9 months ago

Key Points on the Social Security Expansion Act

Introduced by: Sen. Bernie Sanders and other lawmakers
Benefit Increase: $2,400 per year
Funding Source: Tax on households earning over $250,000
Impact on Taxes: No tax increase for 90% of Americans
Legislation History: Reintroduced after previous failed attempts

Overview of the Social Security Expansion Act

Senator Bernie Sanders (I-Vt.) is reintroducing a bill aimed at increasing Social Security benefits called the Social Security Expansion Act. He is joined by Senator Elizabeth Warren (D-Mass.), and Representatives Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.).

Details of the Proposal

Feature	Details
Annual Benefit Increase	$2,400
Funding	Tax on households earning over $250,000
Tax Impact	No increase for households making under $250,000
Support for Seniors	Aims to support those struggling with low incomes

Background Context

Approximately half of older Americans lack retirement savings, and over 26% of seniors survive on less than $17,500 annually. Sanders emphasizes the importance of protecting Social Security rather than cutting it, as some Republicans have suggested.

Legislative Journey

This reintroduction follows a previous legislative effort, the Social Security Fairness Act, which faced opposition from 20 Republican senators. The new bill intends to secure the program for the next 75 years, bolstered by an analysis from the Social Security Administration.

Conclusion

This is the second time Sanders has proposed this legislation, having first introduced it in 2022 with former Rep. Peter DeFazio. The goal is to address the financial challenges faced by seniors and improve their financial security through enhanced Social Security benefits.