By Ernest A. Canning on 8/25/2011, 10:13pm PT  

Guest blogged by Ernest A. Canning

Noting that someone earning $106,000 a year contributes the same amount as a billionaire, Sen. Bernie Sanders (I-VT) announced his intention to introduce the "Keeping Social Security Promises Act."

The legislation, modeled after a promise President Obama made during his 2008 campaign, would attach the Social Security payroll tax to all incomes over $250,000.

Sanders cited the Chief Actuary of the Social Security Administration, who said that the move would "ensure that Social Security can pay out all benefits for at least the next 75 years."

Receiving a standing ovation from some 3,000 labor leaders at last week's Las Vegas United Steelworkers Convention (see video below), Sanders blasted both Republicans and those Democrats who've called for cuts to Social Security. He noted that as Social Security is funded by the payroll tax and not the U.S. Treasury, it "has not contributed one nickle to the deficit."

"In fact," said Sanders, "according to...the Congressional Budget Office, Social Security has a $2.6 trillion surplus."

"When [Social Security] was developed, 50% of seniors lived in poverty," explained Sanders. "Today…that number is 10%. Social Security has done exactly what it was designed to do….For 75 years…Social Security has paid out every nickel owed to every eligible American."

The Senator went on to tell the union workers in Vegas that he'd "be damned if they're going to cut Social Security."

Video of Sen. Sanders' speech at the United Steelworkers convention follows...