PRESS RELEASE: Hirono, Deutch Introduce Bill…
Hirono, Deutch Introduce Bill to Strengthen & Improve Social Security for Seniors, Make Social Security System Fairer for Middle Class
Proposal Lifts the Cap on Social Security Contributions from Wealthiest, Preserves Social Security for Generations; On Heels of GOP Budgets that Hurt Seniors & Middle Class Families, Hirono & Deutch Offer Plan to Strengthen Social Security
Today, Senator Mazie K. Hirono (D-HI) and Congressman Ted Deutch (FL-21) introduced the Protecting and Preserving Social Security Act — a measure that strengthens Social Security for generations to come and improves benefits for all Americans by restoring fairness to Social Security contributions. Currently, most Americans contribute 6.2 percent of every paycheck they earn to Social Security, while a corporate lawyer earning $400,000 pays an annual rate of just 1.71 percent and a CEO earning $2 million pays an annual rate of just .003 percent. By ensuring those at the very top of the income ladder pay into Social Security at the same rate as most Americans, this legislation extends the system’s solvency at a time when nearly two-thirds of retirees rely on Social Security for a majority of their income. The legislation also restores accuracy to a broken cost-of-living adjustment formula and ensures that the benefits of all retirees keep pace, instead of shrink, in the face of inflation. Read more…