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.

 

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