Social Security Expansion Act: Additional $2,400 Proposal Reintroduced in Congress

The Social Security Expansion Act was originally introduced in 2022 but was met with strong opposition. To date, the proposal is being reintroduced in Congress which may get beneficiaries an additional $2,400 in payments when passed.

The Social Security Expansion Act (SSEA) was originally introduced in June 2022. However, it was unfortunately met with very strong opposition. Nonetheless, Senator Bernie Sanders decided to reintroduce the proposal in Congress. The SSEA proposal intends to provide current beneficiaries who will turn 62 in 2023 an additional $200 in their monthly checks.

According to Fuller, the new draft of the Social Security Expansion Act will provide an increase in the Social Security Administration (SSA) funds. This increase intends to guarantee that future generations will receive Social Security benefits through the year 2096. This is because current estimates reveal that SSA could run out of funds by the year 2035. If this happens, Social Security benefits may be reduced by 25%.

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How will the Social Security Expansion Act be achieved?

According to Fragassi, Sanders plans to achieve the goals of the Social Security Expansion Act by taxing the highest income earners in the U.S. On the contrary, 93% of the American taxpayers that earn less than $250,000 will not see any increase in their taxes. The current income limit is at $147,000 which means any income beyond the amount is not subject to Social Security taxes. However, under the new proposal, incomes more than $250,000 will be taxed for Social Security.

There is still no certainty if the Social Security Expansion Act will be passed this time around. Nonetheless, Sanders had already found further support from several fellow democrats. The supporters included Senator Elizabeth Warren and Representatives Val Hoyle and Jan Schakowsky.

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