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Social Security bill introduced to lift cap on earnings subject to payroll tax

Sanders, DeFazio pushed to expand Social Security on Feb. 16, on a day that Americans who earned wages of $1 million or more had finished paying their Social Security obligations for the year.

By Marlene Y. Satter | Updated on February 21, 2017
Just 1.6 percent of American workers make $250,000 a year or more, highlighting the fact that the Sanders-DeFazio Social Security payroll tax bill would hurt relatively few individuals. (Photo: AP)

Millionaires—those on a payroll, anyway—were done paying their Social Security taxes on February 16, 2017. And Senator Bernie Sanders (I-Vt.) and Pete DeFazio (D-Ore.) chose the same day to introduce a bill that would expand Social Security benefits by lifting the cap on earnings subject to payroll taxes.

The Huffington Post reported that as the rest of the country slogged on under payroll tax deductions for Social Security benefits, Americans who earned wages of $1 million or more had already finished paying their Social Security obligations for the year.

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