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Holt, Sánchez Introduce Bill to Save and Expand Social Security

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(Washington, D.C.) – U.S. Rep. Rush Holt (NJ-12) this week joined U.S. Rep. Linda Sánchez (CA-38) to introduce the Strengthening Social Security Act of 2013, H.R. 3118, which would increase current benefits while making Social Security stronger for future generations.

“Right now, millionaires and billionaires are being given a free pass:  an absolute cap on their contributions to Social Security,” said Holt, the bill’s lead cosponsor. “No matter how many millions of dollars they earn, they don’t contribute even a penny more in taxes.  This is wrong.  It’s time to preserve and expand Social Security by asking the wealthy to pay the same Social Security tax rate as everyone else.”

The Strengthening Social Security Act of 2013 improves the short-term and long-term health of Social Security in three ways. First, H.R. 3118 would increase benefits for all Social Security beneficiaries by about $70 per month.

Second, the Strengthening Social Security Act would change the way the Social Security Administration calculates the Cost of Living Adjustments (COLA), ensuring that benefits better reflect the increasing costs facing seniors today.

Third, H.R. 3118 would phase out the current taxable cap of $113,700 to ensure that wealthy Americans contribute the same percentage of their wage earnings to Social Security as everyone else.


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