Read more on this subject: Social Security
News Story Source: https://www.cnbc.com, Sarah OBrien
As Social Security's funding problems loom ever closer on the horizon, the program has emerged as a pet project on many lawmakers' fix-it list.
Now in control of the House, Democrats have thrown their weight behind a measure that would extend and expand the program — largely by asking high earners to pony up, along with a gradual increase in the Social Security tax rate that applies to workers' income.
"Democrats have agreed that we should expand, not cut, Social Security and have the wealthy pay their share," said Nancy Altman, president of advocacy group Social Security Works.
Due to a variety of factors — including an aging demographic, longer life spans, lower birth rates and the widening income gap — the Social Security Trustees 2018 report projects that beneficiaries will see a 21 percent cut in benefits by 2034 unless Congress takes action to prevent the funding shortfall. The Congressional Budget Office's estimate is more dir
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