Sanders Urges Democrats to Block PROMISE Act as Social Security Tax Cap Stays at $184,500
Updated
Updated · FinanceBuzz · Aug 19
Sanders Urges Democrats to Block PROMISE Act as Social Security Tax Cap Stays at $184,500
3 articles · Updated · FinanceBuzz · Aug 19
Summary
An Aug. 3 letter from Bernie Sanders urged every Democratic senator to oppose the PROMISE Act, calling its fast-track process for Social Security changes “absurd, anti-democratic and unacceptable.”
The bipartisan bill would have the Social Security Advisory Board draft a solvency plan, then force Congress to act on tighter deadlines with limited debate and fewer chances to amend it.
Sanders argues that setup could ease benefit cuts or a higher retirement age, while he instead wants Congress to lift the $184,500 payroll-tax cap and tax some investment income above $250,000.
AARP has raised similar objections, potentially making some Democrats less willing to back the measure despite bipartisan sponsorship.
The fight comes as Social Security’s retirement trust fund is projected to run out in late 2032, which would leave the program able to pay about 78% of scheduled benefits.