By Leada Gore
al.com
(TNS)
Millions of Social Security recipients would receive an extra $200 a month—a so-called “Bernie Bump—under a new proposal.
U.S. Sen. Bernie Sanders, I-Vermont, introduced the “Social Security Expansion Act.” Under the terms of the bill, current Social Security recipients will receive an extra $200 a month, dubbed a “Bernie Bump” in honor of its author.
The boost would be in addition to any yearly cost of living adjustment, according to the bill, and would cover virtually all Social Security beneficiaries, including those receiving retirement, disability and survivor benefits.
In addition to boosting monthly benefits, the bill would make other changes, including basing the annual COLA on the Consumer Price Index for the Elderly instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers, a move that more heavily weights healthcare and prescription drug costs in calculating inflation.
How does bill address looming Social Security shortfall?
The bill also addresses the looming shortfall set to hit Social Security in 2032. Unless Congress steps in, benefits would fall as much as $500 a month in the fourth quarter of that year as existing trust funds run dry.
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“If Congress does not act within the next six years, Social Security benefits will be cut by 22 percent. We have an obligation to the American people to ensure that never happens,” Sanders wrote in a letter to colleagues. “Just as importantly, we have a responsibility to tell the American people exactly where we stand. Americans deserve to know not only how we will extend Social Security’s solvency, but how we will address the retirement crisis facing millions of seniors today.”
anders’ bill would replace the current $147,000 cap with a new threshold, subjecting all income above $250,000 to Social Security payroll taxes. Those changes would protect 91% of American households making $250,000 or less from any tax increases, according to a fact sheet on the bill.
It would also extend Social Security’s life by 75 years, Sanders said.
Photo credit: Bernie Sanders/Facebook
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