Whitehouse: Tax the Billionaires and Save Social Security

From the Whitehouse Press Office:
Senators Offering Amendment to Protect Social Security in Budget

Washington, DC – As the Senate continues debating the Republican budget proposal this week, U.S. Senator Sheldon Whitehouse (D-RI) will offer an amendment to guard against potential efforts to cut Social Security benefits. The Democratic amendment would establish as “not in order” any budget proposals that would reduce Social Security benefits, increase the retirement age, or privatize Social Security.

Senator Whitehouse will speak on the Senate floor at approximately 4:00 p.m. to call up this amendment. Please tune in on C-Span 2 or online. The amendment was filed by Senators Ron Wyden (D-OR), Bernie Sanders (I-VT) and Debbie Stabenow (D-MI), in addition to Whitehouse.

“Social Security benefits are a solemn promise that our seniors have earned over a lifetime of work,” said Whitehouse. “Sadly, Republicans have made it their mission for decades to dismantle that promise, attempting to turn it over to Wall Street and cut benefits through misguided ideas like the so-called ‘chained-CPI.’ Our amendment would protect Social Security from these kinds of right-wing attacks and ensure that seniors can continue to count on the benefits they have earned.”

“Social Security is the most successful government program in our nation’s history. Through good times and bad, Social Security has paid out every benefit owed to every eligible American,” Sanders said. “The most effective way to strengthen Social Security for the future is to eliminate the cap on the payroll tax on all income above $250,000 so millionaires and billionaires pay the same share as everyone else.”

The amendment could come up for a vote on the floor as early as this afternoon or tomorrow.

Social Security is projected to remain fully solvent through 2033 and is not driving our current budget deficits. Senator Whitehouse has long argued that it has no place in short-term budget debates, and supports a long-term solution that would make the program solvent for future generations by asking the wealthiest Americans to pay their fair share into the system.

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One thought on “Whitehouse: Tax the Billionaires and Save Social Security

  1. The Baby Boom generation will not only benefit in the future from Social Security, we are benefiting right now. Our parents have dignity and security through their own income and Medicare. That takes a burden off us as we help our children get a start in life.

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