Wexler Introduces Legislation to Save Social Security
Fights for Seniors with Social Security, Medicare Bills

(Washington, DC) Today, Congressman Robert Wexler (D-FL) reintroduced his plan to save Social Security – the Social Security Forever Act of 2009. Wexler’s legislation closes the Social Security gap, without cutting benefits or raising the retirement age, by imposing a 3 percent hike on payroll taxes for incomes above $102,000 a year. Currently, individuals do not pay any taxes for Social Security purposes on earnings above $102,000. By raising the cap on Social Security taxes, the Social Security Forever Act not only ensures the solvency of this vital program but restores tax fairness in America at a time when income inequality is sharply on the rise.

“The financial crisis that has gripped America’s economy for the past year and squandered the retirement savings of so many Americans reminds us all of the importance of the Social Security safety net,” said Congressman Wexler. “Today’s seniors and future generations of Americans must be able to rely on Social Security, especially in times of great economic distress. Social Security’s future solvency is threatened by the fact that not all wages and salaries are subject to Social Security taxes. By lifting the Social Security earnings cap, we can close the Social Security funding gap – without raising the retirement age or slashing benefits.”

In addition, Congressman Wexler also reintroduced legislation that will help seniors reduce their Medicare premiums. The Medicare Prescription Drug Affordability Act addresses the fact that seniors in Florida and across America are facing the ever-dwindling purchasing power of their Social Security benefits. Even in 2009, when seniors received the highest cost-of-living-adjustment (COLA) since 1982, the amount was a mere 5.8 percent, whereas the national level Medicare part D’s weighted average premiums increased by 25 percent. Congressman Wexler’s legislation will limit Medicare Part D increases by matching them with the same consumer price index that determines annual COLA adjustments to Social Security payments.

Congressman Robert Wexler is Chairman of the Subcommittee on Europe and a senior member of the House Foreign Affairs Committee and the House Judiciary Committee. Recently, Congressman Wexler served as an advisor on Middle East issues to President Barack Obama during his 2008 presidential campaign.

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