Larson Applauds Growing Bipartisan Calls to Make the Wealthy Pay Their Fair Share into Social Security

East Hartford, CT - Today, House Social Security Subcommittee Ranking Member John B. Larson (CT-01) applauded the growing number of Republican lawmakers joining Democrats' call to protect Social Security from cuts by lifting the payroll cap, so the wealthy pay their fair share into the system.

"As automatic benefit cuts to Social Security move closer than ever-with the average retiree slated to lose $500/month in benefits by 2032-I applaud the growing number of my Republican colleagues joining our call to lift the cap," said Larson. "For years, the only plan put forward by leading Republicans has been raising the retirement age, which would amount to a more than 20 percent benefit cut. Instead of handing millionaires and billionaires another tax cut they do not need, while retirees get handed a benefit cut, Elon Musk, Donald Trump, and their wealthy friends need to finally pay their fair share. Every Member of Congress and candidate for office cannot be allowed to avoid Social Security by simply saying they will protect it. With cuts on the horizon, they must show us their plans to strengthen it now-and speak with the same courage as our colleagues who have called for lifting the cap. Congress can protect Social Security and enhance it to provide children, seniors and veterans with the relief and certainty they deserve by passing Social Security 2100 now."

In June, Senators Elizabeth Warren (D-MA) and Bernie Moreno (R-OH)published an op-ed in the New York Times calling for Congress to lift the cap. Rep. Tom Cole (OK-04), the Republican Chair of the House Appropriations Committee, and Rep. Lloyd Smucker (PA-11), a senior Republican member of the Ways and Means Committee, joined these calls in today's Washington Post. Larson's Social Security 2100 Actwould enhance Social Security benefits to help beneficiaries dealing with rising costs and extend the program's solvency by eliminating the FICA cap and imposing a net investment income tax on income over $400,000.