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.

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.