A seat on the influential Senate Finance Committee has been secured by Sen. Bernie Sanders (I-Vt.), who advocates for the expansion of Social Security and Medicare, as well as increased taxes on the wealthy.
Among his proposals is an increase in Social Security benefits for current recipients by $2,400 annually, along with adjustments to cost-of-living calculations to address rising expenses.
To fund these enhancements, Sanders has suggested applying payroll taxes to all income exceeding $250,000. Currently, the Social Security payroll tax is limited to income up to $168,600.
His vision for Medicare includes improved and comprehensive benefits, with coverage extending to dental, hearing, and vision care, while also phasing out insurance premiums, deductibles, and co-payments.
Sanders advocates for implementing income-based premiums paid by both employees and employers, alongside raising taxes on affluent individuals to finance expanded healthcare services.
During his 2016 presidential campaign, he proposed increasing the top marginal tax rate on wealthy individuals to 54 percent.
For inheritances exceeding $1 billion, he supports a 77 percent estate tax rate.
In 2021, he pushed for a corporate tax rate set at 35 percent and proposed doubling the minimum tax rate on intangible assets, including patents, trademarks, and copyrights.
Joining the Finance Committee, Sanders is one of five new Democratic members, which includes Sens. Tina Smith (Minn.), Ben Ray Luján (N.M.), Raphael Warnock (Ga.), and Peter Welch (Vt.).
He will work alongside Sen. Elizabeth Warren (D-Mass.), another prominent progressive voice, on this tax-writing committee.
Democratic vacancies arose on the panel following the retirements of Sens. Debbie Stabenow (Mich.), Tom Carper (Del.), and Ben Cardin (Md.), as well as the defeats of Sens. Bob Casey (Pa.) and Sherrod Brown (Ohio) in their reelection efforts.
This committee holds primary authority over critical issues related to Social Security, Medicare, trade, and tax policy.
