New Social Security Legislation Introduced
Snippet of Article: "...This looming problem is due to the cap on payroll taxes at $132,900, meaning each person only pays the 12.4 percent Social Security tax up to that amount, no matter how much income they earn. The vast majority of workers pay the full 12.4 percent on most of their income – Jeff Bezos, by comparison, pays about .00028 percent of his income. Sen. Sanders’s bill, first introduced in the Senate in 2017, would remove this cap, and require those making over $250,000 per year to pay full Social Security taxes. The bill also includes a new 6.2 percent tax on single people with investment income above $200,000 and couples above $250,000. In addition to keeping Social Security fully solvent, the bill would increase benefits for all Social Security recipients, provide higher cost-of-living..."
Source: www.apwu.org