Reprinted from Common Dreams by Jake Johnson on February 13, 2019.
Using America’s billionaire president as a perfect illustration of the “absurdity,” deep inequity, and untapped potential of Social Security in its current state, Senator Bernie Sanders (I-Vermont) on Wednesday presented a striking data point during a press conference unveiling the Social Security Expansion Act.
“Donald Trump claimed that he made $694 million in 2016,” Sanders said, with the caveat that the president doesn’t always tell the truth about his finances. “If that is accurate, he stopped paying Social Security payroll tax 40 minutes into January 1st of that year.”
“Meanwhile, the average middle class person paid Social Security taxes for the entire year,” the Vermont senator continued. “That is absurd, and that has got to end.”
Under the current system, all income above the $132,900 cap is completely exempt from the Social Security payroll tax. Denouncing this approach as “absolutely regressive,” Sanders declared on Wednesday, “It is time to scrap the cap.” …