WASHINGTON (WFLA) —Rep. Charlie Crist (D-St. Petersburg) says he’s committed to strengthening Social Security and protecting seniors’ well-earned benefits.
And he wants to prove just how committed he is with a new bill that would provide tax relief to nearly 80 percent of seniors while bolstering social security.
Today, Crist introduced the Save Social Security act, which eliminates taxes on Social Security benefits for those on less than a $100,000 income.
It also ‘scraps the cap’ on taxable income paid into Social Security for those earning more than $300,000.
“I came to Congress to fight for the over 170,000 Pinellas seniors I am honored to represent. I’m proud to deliver a bill honoring that promise, protecting the Social Security benefits they depend on and eliminating the double taxation impacting 80 percent of American seniors,” Crist said in a statement.
“This legislation is fully paid for several times over. By asking the top 2 percent to pay their fair share into Social Security – the same that is asked of middle class families – we put the program on a solid fiscal foundation for future generations. Providing a tax cut to middle class seniors while increasing the sustainability of Social Security is something everyone in Congress can – and should – agree on.”
The act aims to do the following:
- Raise the tax threshold of Social Security benefits to $100,000, after which, 85% of benefits would be subject to taxation, as per current law.
- Eliminate taxation for the middle 50 percent of the tax bracket, leaving in place taxation for only the top 25 percent of seniors (scrapping the cap).
- Individuals making over $300,000 will pay into social security as they do with their first $127,200 in income.
He says this would extend the life of the Social Security Trust Fund by another 20 years.
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