May 09, 2019
Sanchez and Pocan Introduce Social Security Expansion Bill that Makes Wealthiest Pay Their Fair Share
The Strengthening Social Security Act of 2019 was introduced on Wednesday by Representatives Linda Sánchez (CA), a member of the Ways and Means Social Security Subcommittee, and Congressional Progressive Caucus Co-Chair Mark Pocan (WI).
The legislation will increase hard-earned Social Security benefits and also ensure that the Cost of Living Adjustment (COLA) truly reflects how seniors spend their money while improving the financial condition of the Trust Fund.
In addition, the legislation phases out the taxable cap of $132,900, ensuring that the wealthiest Americans pay their fair share into the system.
“This bill will increase the monthly benefits of those who need it most: seniors, surviving spouses, Americans with disabilities, and children whose parents have died or become disabled,” said Richard Fiesta, Executive Director of the Alliance. “It goes a long way in ensuring a dignified, secure retirement after a lifetime of hard work.”
The legislation replaces the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W), which is currently used to calculate COLAs, with the Consumer Price Index for Elderly Consumers (CPI-E). The CPI-E more accurately reflects the rising cost of goods and services used by older Americans, such as health care and housing.