Warren: Bill would give seniors extra Social Security boost
BOSTON >> U.S. Sen. Elizabeth Warren is introducing a bill she says will help senior citizens who rely on Social Security to make ends meet.
Warren said her proposal would provide 70 million Americans who receive Social Security, certain veterans benefits, SSI, or equivalent state, federal, or local retirement programs a "one-time emergency payment" of 3.9 percent.
The Massachusetts Democrat said that's about the same percentage raise top CEOs received last year.
She said the bill would pay for the extra benefits by closing what she described as a corporate compensation loophole that allows unlimited corporate deductions for executive performance pay.
Warren said two-thirds of seniors rely on Social Security for the majority of their income. The benefits are the only thing keeping about 15 million out of poverty.
She said without the change, millions who rely on Social Security and critical veterans benefits won't see any increase for only the third time since 1975.