WASHINGTON, D.C. – Social Security will turn 78 on Wednesday, Aug. 14, and the non-profit group The Other 98% is encouraging Americans to support a bill that would increase benefits while removing a cap on income subject to the Social Security tax.
“Wish Social Security a happy 78th birthday by supporting efforts to expand benefits, not cut them, and to scrap the cap on funding Social Security, making billionaires pay the same rate as the rest of us,” says a petition on the group’s website.
Earlier this year, U.S. Sen. Tom Harkin (D-Iowa) introduced the Strengthening Social Security Act of 2013. It would phase out a cap that shields high incomes from the Social Security tax. Currently, only the first $113,700 of annual salary is taxed for Social Security.
His bill would also revise how Social Security payments are adjusted, shifting away from a method based on the Consumer Price Index which does not accurately reflect the higher costs that seniors pay for medications and other expenses.
Groups supporting Harkin’s legislation include: AFL-CIO, AFSCME, the Alliance for Retired Americans, Campaign for Community Change, the National Organization for Women (NOW), the National Education Association, Paralyzed Veterans of America, Strengthen Social Security Coalition, Social Security Works, the United Automobile Aerospace & Agricultural Implement Workers of America (UAW), and United Steelworkers.
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