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Just 1.6 percent of American workers make $250,000 a year or more, highlighting the fact that the Sanders-DeFazio Social Security payroll tax bill would hurt relatively few individuals. (Photo: AP)

Millionaires—those on a payroll, anyway—were done paying their Social Security taxes on February 16, 2017. And Senator Bernie Sanders (I-Vt.) and Pete DeFazio (D-Ore.) chose the same day to introduce a bill that would expand Social Security benefits by lifting the cap on earnings subject to payroll taxes.

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