U.S. Sen. Mazie Hirono (D-HI) and U.S. Rep Ted Deutch (FL-21) this week introduced the Protecting and Preserving Social Security Act, a measure they believe “strengthens Social Security for generations to come and improves benefits for all Americans by restoring fairness to Social Security contributions.”
According to Hirono’s office, most Americans contribute 6.2 percent of every paycheck they earn to Social Security “while a corporate lawyer earning $400,000 pays an annual rate of just 1.71 percent and a CEO earning $2 million pays an annual rate of just .003 percent.”
The act would make top earners pay the same rate as most Americans. It also also “restores accuracy to a broken cost-of-living adjustment formula and ensures that the benefits of all retirees keep pace, instead of shrink, in the face of inflation,” says a press release.
Senator Mazie Hirono in her D.C. office.
Cory Lum/Civil Beat
“Social Security is one of the cornerstones for the middle class, and literally a lifeline for millions of seniors,” Hirono said in a statement. “But right now, those at the very top of the income ladder pay a lower share of their income into Social Security than the rest of Americans.”
Many Republicans have different view on what to do regarding Social Security.
New Jersey Gov. Chris Christie, for example, this week proposed raising the retirement age and cutting benefits for some seniors.
Former Arkansas Gov. Mike Huckabee said Christie’s plan was not a good one, however.
Both men are potential candidates for the GOP presidential nomination, along with several others.
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