---
[ VOICES ](https://ded2209.inmotionhosting.com/~citywa9/voices)
# Analysis: Dems' Wealth Tax Bill Would Extend Social Security Solvency by 75+ Years
July 13 2023
Written by Brett Wilkins.
[](https://www.addtoany.com/share)
SOCIAL SECURITY - Legislation recently introduced by a pair of Democratic U.S. lawmakers to save Social Security for generations to come would extend the vital social program's lifespan by at least 75 years, according to a federal analysis published Tuesday.
The [Medicare and Social Security Fair Share Act](https://www.congress.gov/bill/118th-congress/senate-bill/1174/text?s=1&r=14)—introduced in April by Senate Budget Committee Chair Sheldon Whitehouse (D-R.I.), with a companion bill put forth Tuesday by Rep. Brendan Boyle (D-Pa.) in the House—"would extend Social Security solvency indefinitely by making the nation's highest earners contribute their fair share," Boyle's office said in a [statement](https://boyle.house.gov/media-center/press-releases/boyle-whitehouse-legislation-protect-social-security-all-make) Tuesday.
The bill would require taxpayers making more than $400,000 annually to contribute more to Medicare, while closing legal loopholes and also ensuring "that wealthy owners of pass-through businesses like hedge funds and private equity firms with more than $400,000 in annual income cannot avoid Medicare taxes."
The Democrats say that, if passed, their bill would also "extend Medicare solvency by an estimated 20 years."
According to an [analysis](https://www.ssa.gov/oact/solvency/WhitehouseBoyle_20230711.pdf) by the Social Security Administration's Office of the Chief Actuary, if enacted, the legislation's provisions would be sufficient to "pay scheduled benefits in full and on time throughout the 75-year projection period."
"This legislation saves Social Security and Medicare for generations to come," Boyle said in a [statement](https://boyle.house.gov/media-center/press-releases/boyle-whitehouse-legislation-protect-social-security-all-make). "Social Security and Medicare represent a commitment made by this country decades ago to honor the dignity and independence of senior citizens and disabled citizens. Rather than tearing these programs down, as some in Congress want to do, we should be strengthening and securing them."
Whitehouse, who is set to hold a Wednesday hearing examining ways to protect Social Security, said that "the megarich—taking advantage of our rigged tax code—have avoided paying Social Security taxes on most of their income, threatening the promise of Social Security for future generations."
"But as the new analysis from the Social Security Administration shows, we can protect this bedrock program for all and improve our broken tax code—a win-win in my book," Whitehouse continued.
"Republicans recently joined Democrats in promising not to cut Social Security, which leaves raising revenue as the only option to protect the program," the senator added. "I invite my Republican colleagues to join me in shoring up this vital lifeline by leveling the playing field so that teachers, nurses, and firefighters aren't paying more of their income in taxes than billionaires."
In May, House Speaker Kevin McCarthy (R-Calif.) [announced](https://www.commondreams.org/news/mccarthy-social-security-medicare) the launch of a fiscal commission tasked with finding ways to reduce the national debt. This, after the speaker [struck a deal ](https://www.commondreams.org/news/progressives-blast-debt-ceiling-deal)with President Joe Biden to suspend the nation's borrowing limit until 2025.
McCarthy [said](https://www.commondreams.org/news/kevin-mccarthy-social-security) he was "going to make some people uncomfortable" by looking at cuts to Social Security and Medicare.
*"Republicans are openly admitting they want to steal your Social Security and Medicare and then force you to work until you drop dead."*
"Republicans are openly admitting they want to steal your Social Security and Medicare and then force you to work until you drop dead," Rep. Bill Pascrell (D-N.J.) [said](https://twitter.com/BillPascrell/status/1678768659043614720) Tuesday.
Meanwhile, a bill [introduced](https://www.commondreams.org/news/sanders-warren-expand-social-security) earlier this year by Sens. [Bernie Sanders](https://www.commondreams.org/tag/bernie-sanders) (I-Vt.) and [Elizabeth Warren](https://www.commondreams.org/tag/Elizabeth-Warren) (D-Mass.) and Reps. Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.) would increase Social Security benefits by at least $200 per month and prolong the program's solvency for decades by lifting the cap on the maximum income subject to Social Security payroll tax.
*(Brett Wilkins is a staff writer for CommonDreams.org where this article was first published.)*
[  ](https://ded2209.inmotionhosting.com/~citywa9/component/banners/click/115 "Brian Goldsmith Vertical R. Col")
[  ](https://ded2209.inmotionhosting.com/~citywa9/component/banners/click/107 "LA DWP | Save $4K, Green | Priority Ad")
[  ](https://ded2209.inmotionhosting.com/~citywa9/component/banners/click/114 "McKinney Campaign")
[  ](https://ded2209.inmotionhosting.com/~citywa9/component/banners/click/82 "LA DWP #2 (Power Savers)")
[  ](https://ded2209.inmotionhosting.com/~citywa9/component/banners/click/98 "Donna Tryfman - HS1-1")
[  ](https://ded2209.inmotionhosting.com/~citywa9/component/banners/click/97 "Home - LA DWP #2 (Pay Water Bill Help)")
[  ](https://ded2209.inmotionhosting.com/~citywa9/component/banners/click/111 "David DeJute Campaign")
[  ](https://ded2209.inmotionhosting.com/~citywa9/component/banners/click/112 "Anna Reitano Vertical R. Col")
## Get The News In Your Email Inbox Mondays & Thursdays
Email
[  ](https://ded2209.inmotionhosting.com/~citywa9/component/banners/click/113 "Rhonda Haymon campaign")
[  ](https://ded2209.inmotionhosting.com/~citywa9/component/banners/click/110 "Something You Should Know")
---
## Featured CityWatch Stories
[  ](https://ded2209.inmotionhosting.com/~citywa9/election-2024/33624-prosecutor-democrat-city-attorney-mckinney-makes-his-case-to-los-angeles-voters)
### [Prosecutor, Democrat, City Attorney? McKinney Makes His Case to Los Angeles Voters](https://ded2209.inmotionhosting.com/~citywa9/election-2024/33624-prosecutor-democrat-city-attorney-mckinney-makes-his-case-to-los-angeles-voters)
ELECTION 2026 - The race for LA City Attorney has been laced with political accusations and allegations that when close…
[  ](https://ded2209.inmotionhosting.com/~citywa9/la-watchdog/33544-the-la-watchdogs-2026-voters-guide-2)
### [The LA Watchdog’s 2026 Voter Guide](https://ded2209.inmotionhosting.com/~citywa9/la-watchdog/33544-the-la-watchdogs-2026-voters-guide-2)
LA WATCHDOG - My recommendations are influenced by the need for truly balanced budgets, fiscal responsibility, long ter…
[  ](https://ded2209.inmotionhosting.com/~citywa9/los-angeles/33626-the-fools-blame-game)
### [The Fools’ Blame Game](https://ded2209.inmotionhosting.com/~citywa9/los-angeles/33626-the-fools-blame-game)
THE VIEW FROM HERE - Angelenos do not use elections to plot a wiser course of conduct for Los Angeles, but rather they…
[  ](https://ded2209.inmotionhosting.com/~citywa9/los-angeles/33619-california-film-tax-credits-arent-enough-the-guilds-need-to-change-too)
### [California Film Tax Credits Aren’t Enough. The Guilds Need to Change Too.](https://ded2209.inmotionhosting.com/~citywa9/los-angeles/33619-california-film-tax-credits-arent-enough-the-guilds-need-to-change-too)
LONNIE’S VIEW - California used to be the center of the movie and television universe. If you wanted to make movies, yo…
[  ](https://ded2209.inmotionhosting.com/~citywa9/voices/33648-heres-what-zionisms-got-to-do-with-it)
### [Here’s What Zionism’s Got To Do With It](https://ded2209.inmotionhosting.com/~citywa9/voices/33648-heres-what-zionisms-got-to-do-with-it)
ICAN - The anonymous website “BHUSD Watch” recently published a long, detailed article about the current BHUSD board an…
---
## [ VOICES ](https://ded2209.inmotionhosting.com/~citywa9/voices)
[  ](https://ded2209.inmotionhosting.com/~citywa9/voices/33595-the-firms-that-never-lose-inside-la-countys-4-billion-settlement-machine)### [The Firms That Never Lose: Inside LA County's $4 Billion Settlement Machine](https://ded2209.inmotionhosting.com/~citywa9/voices/33595-the-firms-that-never-lose-inside-la-countys-4-billion-settlement-machine)
[  ](https://ded2209.inmotionhosting.com/~citywa9/voices/33605-nithya-is-a-nightmare)### [Nithya is a NIGHTMARE!!!](https://ded2209.inmotionhosting.com/~citywa9/voices/33605-nithya-is-a-nightmare)
[  ](https://ded2209.inmotionhosting.com/~citywa9/voices/33562-marissa-roy-the-other-face-of-gascon)### [Marissa Roy: The Other Face of Gascón](https://ded2209.inmotionhosting.com/~citywa9/voices/33562-marissa-roy-the-other-face-of-gascon)
[  ](https://ded2209.inmotionhosting.com/~citywa9/voices/33566-its-85-seconds-to-midnight-on-the-doomsday-clock-do-you-know-what-your-a-i-is-up-to)### [It's 85 Seconds to Midnight on the Doomsday Clock. Do You Know What Your A.I. Is Up To? ](https://ded2209.inmotionhosting.com/~citywa9/voices/33566-its-85-seconds-to-midnight-on-the-doomsday-clock-do-you-know-what-your-a-i-is-up-to)
[  ](https://ded2209.inmotionhosting.com/~citywa9/voices/33514-another-october-7th-has-come-and-gone-but-worldwide-jewry-survives)### [Another October 7th Has Come and Gone, But Worldwide Jewry Survives!](https://ded2209.inmotionhosting.com/~citywa9/voices/33514-another-october-7th-has-come-and-gone-but-worldwide-jewry-survives)