Sanders Calls to Lift Social Security Tax Cap Above $184,500
Forbes Breaking News clip shows Sen. Bernie Sanders (I-VT) testifying at a hearing on the Social Security Trust Fund crisis. He places the issue in context of rising income inequality, notes struggles of seniors including over 20% living on $15,000 annually, and highlights that nearly half of older workers have no retirement savings. Average benefit cited as $1,934 monthly. Sanders rejects cuts or higher retirement age and instead endorses his legislation to apply the payroll tax on all income above $250,000, including capital gains and dividends, affecting only the top 9% of households. He also supports better COLA via CPI-E. References a recent New York Times op-ed co-signed by Sen. Elizabeth Warren and Sen. Bernie Moreno (R-OH).
Source: Forbes Breaking News
