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Today is the Day Millionaires Stop Contributing to Social Security for 2023

Today is the day most millionaires stop paying into Social Security for the rest of the year, while most of us will continue contributing FICA payroll taxes through the end of December.  The payroll tax cap for 2023 is $160,200 in annual wages.  As of today, people grossing $1,000,000 a year in wages have now exceeded the cap. 
By |2023-02-28T12:05:17-04:00February 28th, 2023|Categories: Joe Biden, Payroll Tax Cap, payroll taxes, Rep. John Larson, Social Security|

Bill to Repeal Social Security WEP & GPO Advances Out of Committee

A bill to repeal two largely unpopular rules affecting some public sector workers’ ability to collect Social Security benefits was reported out of the House Ways & Means committee today. The Social Security Fairness Act was introduced by Rep. Rodney Davis (R-IL), and currently has more than 290 cosponsors from both parties.
By |2022-09-21T09:50:26-04:00September 20th, 2022|Categories: Congress, Democrats, Rep. John Larson, Republicans, Social Security|

Republican Roundtable Revives Wrongheaded Ideas for Social Security

GOP members of the House Ways and Means Committee held an all-Republican roundtable on the future of the program on June 29.  That’s a little like holding an all-Red Sox roundtable on the future of the Yankees. Republicans have spent four decades devising ways to undermine Social Security – including their triad of terrible ideas: raising the retirement age, means-testing benefits, and privatizing the program
By |2022-07-05T16:10:01-04:00July 1st, 2022|Categories: Democrats, privatization, Rep. John Larson, Republicans, Social Security|

Social Security Trust Fund Projected to Endure for an Additional Year, Trustees Say

Social Security’s trust fund received a one-year reprieve in the 2022 Social Security Trustees report, released late Thursday afternoon.  The Trustees project that the combined disability and retirement trust fund will become depleted in 2035 – one year later than predicted last time – if Congress doesn’t take preventative action. When the trust fund becomes insolvent, the Trustees say, Social Security will only be able to pay 80% of scheduled benefits.
By |2022-06-03T12:21:25-04:00June 3rd, 2022|Categories: COLAs, Congress, payroll taxes, President Biden, Rep. John Larson, Social Security, Social Security Trustees|

SSA Woefully Underfunded, Struggling to Provide Customer Service, Witnesses Tell Congress

Witness after witness at Tuesday’s Congressional hearing on Social Security Administration (SSA) customer service testified that the agency is in dire need of additional resources in order to properly serve the public.  The hearing was held by the House Ways and Means Social Security subcommittee, chaired by Rep. John Larson (D-CT), with testimony from a variety of witnesses from SSA and advocacy groups. 
By |2022-05-18T11:29:21-04:00May 18th, 2022|Categories: Congress, Democrats, Max Richtman, Rep. John Larson, Social Security, Social Security Administration (SSA)|

NCPSSM President Testifies at Hill Hearing on Social Security Legislation

Social Security must be expanded and strengthened now. That was the message National Committee president Max Richtman delivered in testimony today before the House Ways and Means Social Security subcommittee, chaired by Rep. John Larson (D-CT). This was the first and possibly only hearing on Congressman Larson’s Social Security 2100: A Sacred Trust legislation, which would boost benefits and extend the solvency of the program’s trust fund.
By |2021-12-08T12:21:49-04:00December 7th, 2021|Categories: COLAs, Congress, COVID, Democrats, Max Richtman, Rep. John Larson, Republicans, Social Security, women, women's retirement security|

Social Security Trustees Report Signals Now is the Time to Strengthen & Expand the Program

Americans who rely on Social Security can exhale for a moment now that the program’s Trustees have reported that the trust fund will remain solvent until 2034. That’s only one year earlier than projected in last year’s report. It is time to strengthen and expand the program.
By |2021-08-31T17:33:32-04:00August 31st, 2021|Categories: COLAs, Congress, Democrats, Rep. John Larson, Social Security|

Rep. Larson to Introduce Revised Social Security Expansion Bill

Next week, Social Security will mark its 86th anniversary of providing Americans with basic financial security in old age (and, since 1956, upon becoming disabled). And yet, quite incredibly, baseline Social Security benefits haven’t been expanded in fifty years – even though seniors’ living costs have soared over the decades. Congressman John Larson (D-CT) is once again hoping to change that. Larson, a true Social Security champion who introduced legislation to boost Social Security in previous Congresses, has now released the details of a revamped bill to increase benefits and extend the program’s solvency.
By |2021-08-12T20:40:54-04:00August 5th, 2021|Categories: Congress, Democrats, GOP, Joe Biden, Payroll Tax Cap, President Biden, Rep. John Larson, Social Security|

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