Sanders pushes $2,400 Social Security increase
The gist
Sen. Bernie Sanders said raising Social Security payments by at least $2,400 a year is a top priority once he takes the Social Security Subcommittee chair in January.
The plan would lift the payroll tax cap so earners above $250,000 pay more.
How it unfolded
- Feb 2025The Social Security Expansion Act is proposed; it would extend payroll taxes to income above $250,000.
- May 12, 2025The Senior Citizens League reports that, under the chief actuary's analysis, the new revenue would extend Social Security's solvency for at least 75 more years.
- Aug 4, 2026Newsweek reports Sanders urged Democrats to back expanding the program rather than cutting benefits, saying it could extend solvency for 75 years while raising benefits by about $2,400 a year.
Key terms
- payroll tax cap
- The maximum amount of earnings subject to Social Security payroll tax, above which no further tax is levied.
- OASI trust fund
- A fund holding assets set aside to pay specified benefits or obligations.
- Cost-of-Living Adjustments
- Periodic increases to benefits or payments to keep pace with rising prices and maintain purchasing power.
Source: Wikipedia