Larson to Secretary Yellen: Social Security is About Fairness

Washington, D.C. - Today, Rep. John B. Larson (CT-01), at the Ways and Means Committee hearing on President Biden’s budget plan, questioned Treasury Secretary Janet Yellen regarding Americans paying into Social Security. 

You can watch Rep. Larson's remarks here. 

“I think the American people point with great pride to your example, including the 12 million new jobs that have been created in just the past two years. There’s a lot of talk about fairness, and as the ranking member of the Social Security Subcommittee, this program is the #1 anti-poverty program for the elderly- and I hope we get the expanded Child Tax Credit back, but absent that- it’s the #1 anti-poverty program for children too. I commend President Biden for his budget that makes Medicare more solvent and strengthens Social Security, and it does so by paying for it,” Larson said.  

“You and the President have said there will be no tax increase on anyone earning more than $400,000 per year. How many Americans does that represent? Is it fair that someone who’s making $30,000 or $40,000 pay all year long and someone like Elon Musk stops paying after day one,” Larson asked.  

Secretary Yellen replied, “I think it is about fairness. Hardworking Americans who have counted on Social Security their entire lives and depend on it as their major source of income in retirement, I think we need to make sure it’s there for them and that we look for additional revenue to Americans with very high income, many of whom pay less taxes than a teacher or firefighter, and throughout the President’s budget there are many proposals to make sure, for the sake of tax fairness, those individuals making $100 million for more should pay at least 25% of their full income.”  

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