Glad to see that Senator Bernie Sanders isn’t out on a limb by himself this time. The new legislation he’s introduced to shore up Social Security by making the wealthy pay their fair share has co-sponsors Dan Akaka (D-HI), Patrick Leahy (D-VT), Barbara Boxer (D-CA), Sheldon Whitehouse (D-RI), Al Franken (D-MN) and Richard Blumenthal (D-CT). Surprise, surprise, Claire McCaskill (D-MO) is also on board. No surprise, of course, that no Senate Republicans have signed on in support. Rep. Peter DeFazio of Oregon’s 4th district, will be introducing the same bill in the House

Via Down With Tyranny:

The gist of Bernie’s legislation is to strengthen Social Security by applying the payroll tax that most Americans already pay to those with annual incomes above $250,000. Right now the payroll tax cuts off at $106,800. This simple, painless change by itself would keep Social Security solvent for another 75 years, about as long as Social Security has already existed. and although right-wing crackpots and extremists like Rick Perry may call it a Ponzi Scheme and predatory Wall Street shills like Mitt Romney may want to privatize it and turn it over to Wall Street, the vast majority of Americans see it as the most successful government program in our nation’s history and understand, despite Republican lies—that started 76 years ago—that it hasn’t contributed one dime to the federal deficit. It has a $2.5 trillion surplus, and it can pay out every nickel owed to every eligible American for at least the next 25 years, according to the Social Security Administration. Before Social Security came into being something like half the senior citizens in the country lived in poverty. Now they have a much better chance of ending their lives in dignity and without eating cat food. In fact, less than 10% of the elderly live in poverty and more than 53 million Americans receive retirement or disability benefits.

“Social Security is the most successful government program in our nation’s history. For 76 years, through good times and bad, Social Security has paid out every benefit owed to every eligible American,” Sanders said. “The most effective way to strengthen Social Security for the next 75 years is to eliminate the cap on the payroll tax on income above $250,000. Right now, someone who earns $106,800 pays the same amount of money into Social Security as a billionaire. That makes no sense. The Keeping Our Social Security Promises Act will ensure the long-term solvency of Social Security without cutting benefits or raising taxes on the middle class.”