Sen. Bernie Sanders (I-Vt.) has reintroduced the Social Security Expansion Act, a bill that would increase Social Security benefits by $2,400 per year and extend the program’s solvency for 75 years by taxing households earning more than $250,000 annually.
Sanders is joined by Sen. Elizabeth Warren (D-Mass.) and Reps. Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.) in pushing for the expansion. The lawmakers emphasized that more than 90% of Americans—those making under $250,000—would not see a tax increase under the proposal.
“At a time when nearly half of older Americans have no retirement savings and over 26% of seniors survive on less than $17,500 per year, our job is not to cut Social Security as many Republicans propose,” Sanders said.
The bill comes after 20 Republican senators opposed the Social Security Fairness Act last year, citing cost concerns. That measure ultimately passed and was signed by former President Joe Biden before he left office.
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