Bernie Sanders Proposes Social Security tax hike for wealthy [View all]
Source: International Business Times
17 FEB 2017 AT 16:30 ET
With Republicans controlling both chambers of Congress, Vermont Sen. Bernie Sanders proposed Thursday a perhaps futile attempt to make wealthier Americans pay more into Social Security in order to keep the decades-old program solvent, according to media reports.
The former Democratic presidential candidate, along with Rep. Peter DeFazio (D-Ore.), explained the plan that would increase benefits for senior citizens by raising taxes on Americans who earn more than $250,000, The Hill reported.
"Anyone who tells you Social Security is going broke is lying,” Sanders said. “We can increase Social Security benefits for millions of Americans and extend the life of Social Security if we have the political will to tell the wealthiest Americans to pay the same rate as everyone else.”
American workers were contributing 6.2 percent of their annual income to Social Security, but that’s capped at the first $127,000. Sanders' plan also called for income like capital gains and dividends to be taxed in order to keep the program solvent until 2078.
Read more: http://www.rawstory.com/2017/02/bernie-sanders-proposes-social-security-tax-hike-for-wealthy/
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