NEW: Whitehouse Backs Plan to Increase Social Security Taxes
Thursday, March 07, 2013
US Senator Sheldon Whitehouse has jumped on board legislation that would ask wealthiest Americans to "pay their fair share" in Social Security taxes.
Whitehouse announced today that he has joined on as a co-sponsor for a piece of legislation by Senator Bernie Sanders’ titled the Keeping Our Social Security Promises Act.
Under the bill, the income threshold that is exempted from the Social Security tax would be drastically altered.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTCurrently, only payroll taxes on income up to $113,700 is subjected to the Social Security tax and everything above that level is exempt.
Under Sanders’ proposal, only income between the $113,700 and $250,000 level would be exempt, meaning that the Social Security fund would continue to receive all the money it currently does and would receive funds on all income above $250,000 as well.
“I have heard from countless Rhode Island seniors who rely on Social Security to make ends meet, and who want to make sure the program remains strong for future generations,” Whitehouse said. “This bill would keep Social Security strong for the next 50 years while also making our tax code fairer. It’s a true win-win, and I will fight hard to get it passed.”
