(CNN) Sen. Bernie Sanders has a plan to add more than 50 years of sustainability to Social Security, the New Deal-era program that's facing a looming cash crunch. The proposal would shore up Social Security with payroll taxes on income above $250,000, the Vermont independent announced Wednesday. The Social Security Expansion Act, which Sanders first introduced in 2017, is also being introduced in the House by Democratic Rep. Peter DeFazio of Oregon. To pay for it, Sanders would subject all income above $250,000 to the existing 12.4% Social Security payroll tax, which is split between workers and employers. This extra revenue would extend the health of Social Security by 52 years, according to Sanders' office.

Source: CNN February 13, 2019 16:03 UTC