U.S. Sen. Mark Begich has introduced legislation that he says would strengthen Social Security.
Begich’s office says the bill would extend the solvency of the program for about 75 years, instead of until just 2033, which is when reserves now are estimated to be exhausted.
The bill would lift the cap on taxable earnings for Social Security, which is currently $110,100, and make all earnings subject to the payroll tax. A Congressional Research Service report has found that this option would eliminate 95 percent of the program’s projected shortfall.
A spokeswoman says Begich introduced the bill on Tuesday.