This week, U.S. Rep. Al Lawson, D-Fla., unveiled a proposal to raise taxes to bolster Social Security.
Lawson brought out his proposal on Tuesday which, he insists, “would extend the life of Social Security by 15 years to 2049.”
“Social Security plays a critical role in our economy as it provides for over two-thirds of our nation’s retirees, and provides financial security to millions of disabled workers and their children,” Lawson said.“However, as the program is currently operating, the Social Security trust fund will be depleted by 2034. That’s why I’m proud to introduce the Social Security for Future Generations Act of 2017, along with 17 co-sponsors and support from six organizations, including Social Security Works and the National Committee to Preserve Social Security & Medicare.”
Lawson’s proposal would hit Americans making $250,000 or more in wages with a payroll tax while extending student benefits to 22, increasing cost-of-living adjustments, including a benefit for surviving spouses and “establishing a special minimum benefit for long-term low-wage workers.”
The freshman Democrat made his case for why his proposal was needed.
“We are in a unique position to make targeted benefit increases to vulnerable beneficiaries and extend the trust fund solvency so that future generations are able to benefit from social insurance and retirement in a way that is equitable and sustainable,” Lawson said. “I call on my colleagues in the House to join me in increasing benefits and extending the life of one of our nation’s most sacred commitments.”
As Lawson noted, his bill has garnered the support of a number of groups including Social Security Works, the National Committee to Preserve Social Security & Medicare, Alliance for Retired Americans and Justice in Aging.
Lawson has rounded up some congressional Democrats to co-sponsor his bill including U.S. Reps. Alcee Hastings and Frederica Wilson from Florida, Marcy Kaptur of Ohio and John Conyers of Michigan.