'Rigged for the rich': Dems propose their own Social Security overhaul

Social Security and Medicare protect tens of millions of American senior citizens from poverty and medical bankruptcy each year, but economic justice advocates have long said the programs would be strengthened and remain fully solvent for as long as possible if the richest Americans contributed more to them—and on Thursday two Democratic lawmakers introduced legislation to ensure they do.

The bicameral bill, the Medicare and Social Security Fair Share Act, was reintroduced by Sen. Sheldon Whitehouse (D-R.I.) and Rep. Brendan Boyle (D-Pa.), with the aim of requiring people with yearly incomes of more than $400,000 to contribute a fairer share of their wealth to the two programs.

Currently the maximum amount of earnings for which American workers must pay Social Security taxes is just over $176,000.

The bill would lift the Social Security tax cap "to ensure that no matter the source of their income, high-income taxpayers would pay the same tax rate on their income exceeding that threshold," said the lawmakers in a press statement.

It would also increase the Medicare tax rate for income above $400,000 by 1.2% and include a provision ensuring owners of hedge funds and private equity firms can no longer avoid Medicare taxes.

Whitehouse and Boyle introduced the bill as the Trump administration and congressional Republicans work to slash Social Security—confirming Wall Street executive Frank Bisignano, who has backed billionaire Elon Musk's spending cuts at the Department of Government Efficiency (DOGE), to run the program this week.

"While Republicans are pushing a $7 trillion tax giveaway to the ultrarich, we're working to protect the benefits that millions of Americans have earned—and we won't let them be stolen to fund another billionaire windfall."

Republicans have also suggested Medicare could be slashed in order to pay for tax cuts for the wealthiest Americans and have pushed to expand privatized Medicare Advantage plans.

"Working-class seniors pay into Social Security and Medicare their whole careers so they can enjoy a dignified retirement, but they end up paying a much larger share of their income in taxes than billionaires because the tax code is rigged in favor of the rich," said Whitehouse. "As the Trump administration and Congressional Republicans gear up to deliver budget-busting giveaways for their billionaire donors, I will continue pushing to make our tax code fair and protect these twin pillars of retirement security as far as the eye can see."

Actuaries at the Centers for Medicare and Medicaid Services and Social Security Administration estimated that Whitehouse and Boyle's proposal would extend Social Security and Medicare solvency by at least 75 years.

Without new revenue, the trust funds that finance Medicare and Social Security are projected to be 100% solvent only through 2036 and 2033, respectively.

The legislation is endorsed by groups including Social Security Works, the National Council on Aging, and the Center for Medicare Advocacy.

"From my first day in Congress, I've pledged to protect the long-term stability of Social Security and Medicare—two bedrock promises our country made to seniors, workers, and people with disabilities," said Boyle. "Now, with [President] Donald Trump, Elon Musk, and DOGE-fueled billionaires openly attacking these programs, that fight is more urgent than ever."

"While Republicans are pushing a $7 trillion tax giveaway to the ultrarich," he said, "we're working to protect the benefits that millions of Americans have earned—and we won't let them be stolen to fund another billionaire windfall."