Senator Sander’s Announces Plan to Increase Social Security Tax of Wealthy Individuals
August 25, 2011
Burlington, Vermont - Senator Bernie Sanders (I-Vermont) has announced plans of increasing the amount of Social Security tax being paid by rich people in an effort to strengthen Social Security Administration (SSA’s) trust fund.
According to reports, people are taxed based on their initial salary amounting up to $106,000. Sanders is now planning to increase this limit to $250,000.
This plan is similar to the one presented by US President Barack Obama during his candidacy last 2008.
If no changes were made, SSA may release more money compared to what it is receiving by 2012. This problem could cause the agency to run out of budget by 2036.
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