Bernie Sanders: “Absurd. We Must Apply the Social Security Payroll Tax to All Income Above $250,000.”

Senator Bernie Sanders talks about how many hard-working Americans are struggling to save up for their retirement.

Senator Bernie Sanders is framing the retirement crisis as a tax question. In a recent post on X, he said older workers cannot save while billionaires pay the same amount into Social Security as workers earning far less.

“Over 20% of seniors live on less than $15,000 a year. Nearly half of older workers have no retirement savings. Meanwhile, Musk pays the same into Social Security as someone earning $184,500. Absurd. We must apply the Social Security payroll tax to all income above $250,000.”

The senator used Elon Musk, the wealthiest man in the world, as his example and said the billionaire should pay more. He acknowledged that plenty of older workers are struggling to save for their retirement, while billionaires pay a small amount and have enough to live comfortably.

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Senator Bernie Sanders Calls for Higher Social Security Taxes on Wealthy Americans

The mechanics of the complaint sit in the payroll tax formula. Workers pay 6.2% of wages into Social Security, and employers match that amount. The tax stops once wages pass $184,500 in 2026. That caps the employee share at $11,439 for the year. Sanders wants the tax to reach all income above $250,000 instead.

His Social Security Expansion Act would also reach investment income, including capital gains and dividends. Sanders says the Social Security Administration’s chief actuary found the package would keep the program solvent for 75 years. He also says it would lift benefits by $2,400 a year. The bill is not law, and earlier versions have stalled in Congress.

He has made a similar argument in California’s fight over a billionaire wealth tax. Sanders said the state’s wealthiest residents should pay a little more in tax.

The senator wants a wider economic fix, not just a Social Security repair. Senator Bernie Sanders hopes to see real change that will uplift the lives of those who are struggling nowadays and build an economy that will benefit everyone regardless of financial status.

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