[Congressional Record Volume 165, Number 62 (Wednesday, April 10, 2019)]
[Senate]
[Pages S2389-S2390]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Ms. HIRONO (for herself, Ms. Smith, Mrs. Gilibrand, and Mr. 
        Merkley):
  S. 1132. A bill to amend title II of the Social Security Act and the 
Internal Revenue Code of 1986 to make improvements in the old-age, 
survivors, and disability insurance program, and to provide for Social 
Security benefit protection; to the Committee on Finance.
  Ms. HIRONO. Mr. President, I come to the floor today to express my 
support for the Protecting and Preserving Social Security Act, which I 
was proud to reintroduce earlier this afternoon with Senators Smith, 
Gillibrand and Merkley, and Congressman Deutch--who introduced the bill 
in the House.
  Social Security serves as a critical lifeline for millions of 
individuals and families in Hawaii and throughout the United States. 
For seniors, the program is fundamental to retirement security, and for 
families, it provides economic security. Countless individuals rely on 
Social Security as a key source of income, so we must continue fighting 
to protect the program and make sure beneficiaries receive the hard-
earned benefits they deserve. The Protecting and Preserving Social 
Security Act does two things.
  First, the bill restores fairness in Social Security payroll taxes by 
eliminating the contribution cap on taxable income--gradually, over 
seven years.
  What does this mean? Currently, most Americans contribute 6.2 percent 
of their incomes toward Social Security payroll taxes. However, because 
of the contribution cap on taxable income, higher income earners will 
stop contributing to Social Security after their first $132,900 of 
income for 2019. This means that many working and middle class families 
will contribute more of their income toward Social Security, while 
wealthy families will contribute less.
  In fact, for the highest income earners, those in the ``top 1 
percent'', this week marks the point in the year when they will stop 
contributing to the program altogether for 2019. That does not seem 
fair, so our bill makes sure that everyone contributes their fair share 
to Social Security for the entire year, and that the wealthiest 
individuals and families in our country do not receive a tax break at 
the expense of working and middle class families.
  Second, the bill provides an updated measure of inflation to reflect 
what seniors and other beneficiaries actually pay for things like 
medical care, prescription drugs, and energy costs, and increases their 
benefits based on this measure. The Social Security Administration has 
indicated that these changes, taken together, would increase Social 
Security benefits and extend the life of the combined Social Security 
trust fund by another 19 years--from 2034 to 2053.
  These are modest but important steps that we can take to improve the 
program for current and future beneficiaries.
  Locally in Hawaii, we recognize that whatever hurts the most 
vulnerable in our communities, hurts all of us. We each have a role to 
play in supporting our communities. That is why my colleagues and I 
have reintroduced this legislation to strengthen Social Security. We 
will continue fighting for working and middle class families who rely 
on Social Security and similar programs, and we will continue to oppose 
cuts to Social Security--which would be devastating for millions of 
Americans. We will continue fighting to make sure everyone contributes 
their fair share so that Social Security can deliver on its promise to 
the American people.
  I thank my colleagues for joining me in reintroducing this important 
legislation as we continue our work to strengthen Social Security. I 
yield the floor.

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