National Committee president Max Richtman is urging the House Ways and Means Committee to expand Social Security — and keep the system financially sound for the rest of the century — as it takes up the Social Security 2100 Act. The bill, introduced by Congressman John Larson (D-CT), receives its first full committee hearing today.
“Congressman Larson’s Social Security 2100 Act is exactly what current and future seniors need. It will put the program on a financially healthy track, cut taxes for many beneficiaries, and provide a modest, but much needed, boost in benefits,” says Richtman in his testimony to the Ways and Means Committee. “This legislation undercuts conservative propaganda that Social Security is ‘going bankrupt’ – and safeguards the system’s long-term future without cutting benefits, raising the retirement age, or imposing more miserly cost-of-living adjustments.”
The bill assures that Social Security remains fully funded or more than 75 years, while expanding the program in significant ways:
- An across-the-board increase for all beneficiaries of about 2 percent of the average benefit.
- Adoption of the Consumer Price Index for the Elderly (CPI-E), which more accurately reflects the true impact of inflation on retirees than the current formula.
- Tax relief for many Social Security beneficiaries.
- An increase in the special minimum benefit so that it equals up to 125 percent of the federal poverty level.
Congressman Larson says the bill will be marked-up in September, and could come to the House floor for a vote this Fall. The legislation was first introduced in 2014, but did not even receive a hearing under GOP control. The new House majority has given the Social Security 2100 Act new life. More than 210 House members – nearly a majority – have cosponsored the bill.
“By passing this bill, the House can give retirees, the disabled, and their dependents a much-needed pay raise at a time of rapidly escalating living expenses… and reassure Americans that Social Security will be there for them in the future, stronger than ever,” says Richtman.
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