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March 2 marked the day that millionaire earners were finished paying into Social Security for the rest of the year. Working- and middle-class Americans, however, continue to pay all year long. If you think that’s absurd, it is.
The problem lies in the income cap that shields millionaires and billionaires from having to pay their fair share. Right now the wealthy are only paying their first $168,600 of wage income. They end up being taxed only on a small portion of their earnings while most Americans end up being taxed on 100% of their earnings.
Washington, D.C. – Today, Rep. John B. Larson (CT-01) voted to extend the government funding deadline to prevent a devastating shutdown that would hurt American families.
WASHINGTON - Today, Social Security Works and Data for Progress released new polling showing that voters overwhelmingly reject Social Security cuts, as well as the idea of a closed-door “fiscal commission” to determine Social Security’s future. Instead, they want Congress to raise taxes on wealthy Americans to protect Social Security.
Most Americans contribute to Social Security year-round, but U.S. millionaires will stop paying into the critical program on March 2—just over two months into 2024.
Rep. Larson and Nancy Altman, President of Social Security Works, wrote the following op-ed for Data for Progress:
When Mike Johnson (R-Louisiana) was elected speaker of the House, he immediately called for a “debt commission” designed to slash Social Security and Medicare behind closed doors.
Washington, D.C. - Today, Rep. John B. Larson (CT-01) appeared on CNN International’s “Quest Means Business,” hosted by Richard Quest, to discuss government funding negotiations and the need to support the people of Ukraine in their fight against Russian aggression.
At last year’s State of the Union, President Joe Biden memorably called out Republicans for their support for Social Security cuts.
A $5.4 million federal grant will give another financial boost to Bradley International Airport for the construction of a $151 million facility where checked bags will undergo security inspections.