Wednesday, July 24, 2013 8:49 AM
Increasing Social Security Benefits
It’s time to go on the offensive. While many in
Washington are talking about cutting SocialSecurity benefits, there are two Senators whoare taking steps to increase benefits for Seniors.
Senators Tom Harkin (D-IA) and Mark Begich(D-AK) have proposed legislation that would:
Increase cost of living adjustments(COLAs), not decrease them. Instead of cutting benefits through aChained CPI formula, Senators Harkin and Begich have proposedusing a benefit formula designed specifically to take into account
seniors’ rising living expenses such as healthcare, food, and
Ensure that the wealthy are paying their fair share into SocialSecurity. Currently, Americans are only paying Social Securitypayroll taxes on their first $113,700. That means that Wall StreetCEOs could be pay a far lower share of their earnings than most.By lifting the payroll tax cap on Social Security, we can extend thelife of Social Security for at least the next 75 years.
Increase Social Security benefits for all recipients by
approximately $70 per month, or $800 a year. Senator Harkin’s
bill would reform the benefit formula for all beneficiaries, but targetthose most in need. This would result in an across the boardbenefit increase, with the most going to those in the lower andmiddle classes.