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Insider’s Report: New Social Security Bill Would Go a Long Way to Improve Social Security
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Social Security hasn’t been updated in more than 50 years! As a result, benefits have eroded, leaving millions of older Americans unable to make ends meet even though they worked their whole lives and paid into Social Security.
That’s why U.S. Representative John Larson (D-CT) (seen in the photo here with NCPSSM President & CEO Max Richtman (left)) introduced landmark legislation on October 26 to expand and strengthen Social Security, with leading members of the seniors’ advocacy community present — including Max. In introducing his “Social Security 2100: A Sacred Trust” bill, Representative Larson said that benefits must be boosted and Social Security financially fortified.
Among other improvements, the “Sacred Trust Act” contains several provisions that the National Committee and older Americans have sought for years, including:
- An across-the-board benefit boost for all beneficiaries
- Adoption of a fairer, more accurate Cost-of-Living Adjustment (COLA)
- Improving benefits for long-serving, low-wage workers
- Repealing the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) that unfairly penalize many public servants; and
- Providing caregiver credits for time taken out of the workforce to care for children and other dependents.
To pay for these improvements and to avert a projected 22% cut in benefits in 2034, the “Sacred Trust Act” would require the wealthy to pay their fair share into the program (currently high-income earners stop paying into Social Security when they’ve reached the $142,800 payroll tax income threshold).
This is a long-overdue correction for rising income inequality, where the percentage of wages subject to Social Security payroll taxes has shrunk over the past four decades.
Representative Larson said that he plans to hold hearings on the “Sacred Trust” legislation in November, followed by a markup in the Ways and Means Committee and floor vote in the House. The bill would need at least ten Republican votes to pass the Senate (an outcome that is far from guaranteed) and move to the President’s desk for signature.
With your support we’ll put maximum constituent pressure on lawmakers from both sides of the political aisle to get this critical bill over the finish line in Congress.
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The National Committee endorses, H.R. 5723, the “Social Security 2100: A Sacred Trust Act,” introduced by House Subcommittee on Social Security Chairman John Larson (CT-01). This bill would improve Social Security benefits, extend the solvency of the Social Security Trust Fund, and prevent benefit cuts in 2034 while not increasing taxes for those earning under $400,000.
Social Security gives the American people a secure, basic income that lasts as long as they live. So it’s no surprise that strengthening Social Security has strong, bipartisan public support. That’s why we are urging lawmakers to show their commitment to preserving these essential benefits for current and future generations by cosponsoring “Social Security 2100: A Sacred Trust Act” immediately.
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| Ask Web |
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Our resident Social Security expert, Webster Phillips — a Senior Policy Analyst for the National Committee and a 31-year veteran at the Social Security Administration — is here to answer your questions about Social Security.
You can either search our archives for valuable advice on a broad range of concerns or submit your question here.
This week's question is: I know that the Medicare premium is deducted from your Social Security check at age 65. If I retire at 62, is Medicare deducted also?
Click here to read the answer.
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| Take Our Poll |
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After reading about what’s in the “Social Security 2100: A Sacred Trust Act,” do you believe Congress should pass this bill?
Take our poll now!
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Ask Web
Whether you’re currently retired or approaching retirement, we can help answer your questions and provide valuable advice on Social Security. |
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Your support sustains our campaigns in Washington to protect and strengthen Social Security and Medicare. |
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Boost Social Security
Learn how we’re fighting to improve and expand Social Security benefits for current and future generations of Americans. |
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| Biggest Social Security COLA Jump in Nearly 40 Years |
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"One of the great things about Social Security is that it does have a COLA, but that formula has to keep up with seniors' living expenses," NCPSSM President and CEO Max Richtman tells Vermont television interviewer. (October 20, 2021, WCAX-TV, Interview with NCPSSM President & CEO Max Richtman)
Watch Now →
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