The Social Security 2100 Act

Apr 6, 2017 / Michael Natalie, Horsesmouth Associate Editor

On Wednesday morning, Rep. John Larson (D-CT) introduced the Social Security 2100 Act, a measure strongly supported by progressive Social Security advocacy organization Social Security Works.

The bill would raise the thresholds on the Social Security benefits tax from $25,000 (individuals) and $32,000 (couples) to $50,000 and $100,000, respectively—incidentally, an earlier Republican proposal contained similar measures.

Larson’s proposal would also raise the maximum taxable wage base from $127,000 to $400,000, provide modest benefit increases for all beneficiaries, and raise the minimum Social Security benefit. Finally, the Social Security 2100 Act phases in a tax hike in the distant future to preserve solvency beyond the 75 year horizon used by the Social Security trustees in their projections.

In a press release issued Wednesday morning, Rep. Larson remarks that “Social Security is not an entitlement: it’s the insurance Americans have paid for to fund retirement, disability, and survivor benefits through a lifetime of work. Seniors depend on Social Security and no one should retire into poverty.”

The full text of the bill may be found on Rep. Larson’s webpage.

 

IMPORTANT NOTICE
This material is provided exclusively for use by individuals with an active license to the Savvy Social Security Planning Program. Use of this material is subject to the Social Security Planning Program Agreement and applicable copyright laws. Unauthorized use, reproduction or distribution of this material is a violation of federal law and punishable by civil and criminal penalty. This material is furnished “as is” without warranty of any kind. Its accuracy and completeness is not guaranteed and all warranties express or implied are hereby excluded.

© 2024 Horsesmouth, LLC. All Rights Reserved.