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Lawmakers Propose $2,400 Annual Increase in Social Security Benefits

The Social Security Expansion Act aims to boost benefits and secure funding for 75 years by taxing high-income earners.

Senate Health, Education, Labor and Pensions Committee Ranking Member U.S. Sen Bernie Sanders (I-VT) delivers remarks during the confirmation hearing for Linda McMahon, President Donald Trump’s nominee to be Secretary of Education, in the Dirksen Senate Office Building on February 13, 2025 in Washington, DC.
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Overview

  • The Social Security Expansion Act, introduced by Senators Bernie Sanders and Elizabeth Warren, proposes increasing annual benefits by $2,400 for recipients.
  • The legislation seeks to ensure Social Security’s solvency for the next 75 years by applying a payroll tax on incomes above $250,000, affecting fewer than 10% of households.
  • Nearly 40% of seniors rely on Social Security for the majority of their income, with one in seven depending on it for over 90% of their income.
  • Supporters argue the bill addresses rising costs for seniors and ensures wealthier Americans contribute more to the program, while critics doubt its chances in a divided Congress.
  • The bill has garnered support from progressive lawmakers and advocacy groups, but faces opposition from Republicans focused on spending cuts and tax reductions.