Sen. Bernie Sanders (I-VT) urged his Democratic colleagues to oppose Social Security cuts to “regain the trust of the American people” as the midterm elections approach.
The cause of the independent senator’s concern is that the Social Security Trust Fund can cover 78% of the benefits for more than 70 million retirees by 2032, meaning benefits will be cut by 22% in the next six years. The massive cut is expected because the retirement program’s trust fund will run out of money in 2032 unless Congress passes new laws to prevent that outcome.
Sanders is rallying his fellow Democrats to come out against the bipartisan legislation that aims to address the problem. In his mind, the bill would only make things worse for the nation’s senior citizens.
“The Democratic Caucus must make it abundantly clear that under no circumstances will we support legislation that cuts Social Security benefits, raises the retirement age, reduces Cost-of-Living Adjustments (COLAs), or privatizes this essential program,” he wrote in a letter on Monday.
Sanders also opposes “procedural shortcuts” that would change Social Security “behind closed doors while limiting public debate” in Congress.
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“Instead, at a time of unprecedented income and wealth inequality, our position must be simple and straightforward: we will strengthen and expand Social Security by requiring that the wealthiest people in this country finally pay their fair share into the Social Security system,” the 84-year-old lawmaker said.
Sanders is proposing a tax hike for the country’s wealthiest people, arguing Elon Musk should pay a higher Social Security tax because he earns more money than most Americans. In other words, Sanders is in favor of lifting the Social Security payroll tax cap.
This year, the maximum amount of earnings subject to the Social Security payroll tax is $184,500. Both employees and employers pay a 6.2% rate on earnings below that income amount, totaling 12.4%. The tax doesn’t apply to anyone who earns above $184,500 in the same way it applies to people who make less.
Wealthy people pay the Social Security tax only on a capped portion of their earned income, whereas lower-income workers, most of whom make below the tax cap, pay on 100% of their total earnings.
Sanders wishes to apply the payroll tax to all income above $250,000 per year through his Social Security Expansion Act. He views his measure as one that will strengthen Social Security, whereas the legislation he opposes would only weaken the program over time.
The bipartisan PROMISE Act seeks to establish a fast-track congressional process designed to force lawmakers to consider legislation to extend the program’s solvency.
The bill was introduced last month by Sens. Tim Kaine (D-VA), Dick Durbin (D-IL), Bill Cassidy (R-LA), Thom Tillis (R-NC), Angus King (I-ME), John Cornyn (R-TX), Chris Coons (D-DE), and Alan Armstrong (R-OK).
“The so-called PROMISE Act would direct four unelected members of the Social Security Advisory Board to produce, in little more than a month, a proposal to make Social Security solvent for the next 50 years—with virtually no transparency, no meaningful public input, and no accountability,” Sanders said.
“If the Advisory Board reaches an agreement, Congress would be required to vote on their proposal during the lame-duck session after the November elections when Republicans still control the Senate and the House,” he added.
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Sanders finds it “absurd, anti-democratic and unacceptable” if Republicans were to “determine the fate” of Social Security if they lose control of Congress in November.
In the meantime, the Social Security COLA estimate for 2027 is projected to be between 3.6% and 3.8%, higher than the 2.8% adjustment applied in 2026. The increase in yearly benefits is meant to help monthly payments match inflation.