Sen. Bernie Sanders (I-Vt.) and Rep. Peter DeFazio (D-Ore.) introduced a bill on Thursday to expand Social Security benefits by lifting the cap on earnings subject to payroll taxes.

The progressive lawmakers presented their proposal on the day that Americans with wages of $1 million or more stop paying into Social Security for the year.

Workers now contribute to Social Security based on the first $127,200 they earn every year. The new legislation would apply the 6.2-percent payroll tax to ordinary earnings of $250,000 or more, as well as to unearned income, like capital gains and dividends, above that threshold.

via Huffington Post.

Related Reading:

• Scrapping the Cap:  National Committee endorses Bernie’s new Social Security Bill; Marks the Day Millionaires Stop Paying payroll taxes.
• Senator Bernie Sanders and Rep. Peter DeFazio introduced landmark legislation yesterday to keep Social Security solvent for the next six decades — without cutting anyone’s benefits.  The National Committee endorses the bill, titled the Social Security Expansion Act, introduced on the day when the average millionaire reaches the payroll tax income cap of $127,000 per year.