Social Security expansion bill poised to gain traction in Congress

As Social Security's funding problems loom ever closer on the horizon, the program has emerged as a pet project on many lawmakers' fix-it list.

Now in control of the House, Democrats have thrown their weight behind a measure that would extend and expand the program — largely by asking high earners to pony up, along with a gradual increase in the Social Security tax rate that applies to workers' income.

"Democrats have agreed that we should expand, not cut, Social Security and have the wealthy pay their share," said Nancy Altman, president of advocacy group Social Security Works.

Due to a variety of factors — including an aging demographic, longer life spans, lower birth rates and the widening income gap — the Social Security Trustees 2018 report projects that beneficiaries will see a 21 percent cut in benefits by 2034 unless Congress takes action to prevent the funding shortfall. The Congressional Budget Office's estimate is more dire, pegging the year at 2031.

More than 200 lawmakers, all Democrats, have signed onto the Social Security 2100 Act in the House. Introduced by Rep. John Larson, D-Connecticut, the bill would require that earnings above $400,000 be subject to the payroll tax that funds the program.

Currently, earnings above a certain level — $132,900 for 2019 — are not subject to Social Security taxation. This means someone who makes $132,900 pays the same amount into the program as someone earning, say, $1 million.

https://www.msn.com/en-us/money/retirement/social-security-expansion-bill-poised-to-gain-traction-in-congress/ar-BBTYWqh?li=BBnb7Kz

Where are the Repukes in all this? Are they going to shout, "Keep your government hands of my Social Security"?