Sens. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., introduced a new bill on Thursday that aims to extend Social Security’s solvency for 75 years by raising taxes on the wealthy, while making benefits more generous.
The proposal, called the Social Security Expansion Act, would expand benefits for current and new beneficiaries by $200 per month, or $2,400 per year, and would make the monthly checks more generous in other ways.
To do that, and improve the program’s solvency at the same time, the plan also calls for raising taxes on high-earning households.
Sanders and Warren, who are co-chairs of the Expand Social Security Caucus, were joined by Democrats including Sens. Cory Booker of New Jersey, Kirsten Gillibrand of New York, Jeff Merkley of Oregon, Alex Padilla of California, Chris Van Hollen of Maryland and Sheldon Whitehouse of Rhode Island, along with Rep. Peter DeFazio, an Oregon Democrat who introduced companion legislation in the House.
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