Senator Bernie Sanders (I-Vt.) is once again pushing for an increase in Social Security benefits. Teaming up with Senator Elizabeth Warren (D-Mass.) and Representatives Jan Schakowsky (D-Ill.) and Val Hoyle (D-Ore.), Sanders has reintroduced the Social Security Expansion Act.

The bill aims to provide senior citizens and beneficiaries with an additional $2,400 per year while ensuring the program remains financially stable for the next 75 years.

How the Bill Plans to Expand Social Security

According to Sanders’s press release, the bill proposes funding the expansion by implementing a new tax on high-income earners. Households making more than $250,000 annually would be subject to the new tax, while over 90% of Americans, who earn below this threshold, would not see any tax increases.

This measure seeks to address the growing financial struggles of seniors. Many retirees face economic hardship, with nearly half of older Americans lacking retirement savings and over 26% of seniors living on less than $17,500 per year. Sanders argues that instead of reducing Social Security benefits—something some Republican lawmakers have proposed—the government should be focused on expanding and strengthening the program.

Republicans Oppose, Citing High Costs

The proposal comes just months after 20 Republican senators voted against the Social Security Fairness Act, which was ultimately signed into law by former President Biden before leaving office. Many GOP members have expressed concerns over the cost of increased benefits and the potential financial burden on taxpayers.

Despite this opposition, Sanders remains confident that his plan is both sustainable and necessary. The Social Security Administration (SSA) conducted an analysis in 2023 at Sanders’s request, confirming that the proposed funding changes could keep the program solvent through the end of the century.

The Second Attempt at Expansion

This is not the first time Sanders has attempted to expand Social Security benefits. In 2022, he introduced a similar bill alongside former Rep. Peter DeFazio (D-Ore.). That effort sought to provide additional financial support for seniors facing increasing living costs and economic uncertainty.

Sanders has consistently advocated for the wealthy to “pay their fair share” in taxes to support the Social Security system. He argues that the current structure unfairly benefits millionaires and billionaires, who contribute a much smaller percentage of their income compared to middle- and lower-income workers.

What’s Next for the Social Security Expansion Act?

The bill now heads to Congress, where it faces a tough legislative battle. Given the divided political climate, it remains unclear whether the bill will gain enough bipartisan support to pass. However, with Social Security consistently ranking as one of the most popular and essential government programs, public pressure could play a crucial role in influencing lawmakers’ decisions.

If passed, the bill could provide millions of Social Security recipients with much-needed financial relief, particularly as inflation and rising costs of living continue to strain household budgets across the country.

With seniors and Social Security beneficiaries relying heavily on these payments, the debate over expanding benefits or cutting costs is expected to remain a key political issue. Sanders and his supporters believe their plan is the best way forward, while opponents argue that other solutions should be considered.

As the bill moves through Congress, its outcome could have a major impact on the financial security of millions of Americans in the years to come.