Social Security 2100 Act

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Addie
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Social Security 2100 Act

Post by Addie »

HuffPo
House Democrats Unveil Social Security Expansion Bill With Unprecedented Support

In less than a decade, mainstream Democrats in Congress have gone from entertaining Social Security cuts to almost universally endorsing the program’s expansion.

With Democrats in charge of the House for the first time since this tidal shift upended party orthodoxy, senior members of Congress are setting the stage for the legislative chamber to increase Social Security benefits, bringing a onetime liberal pipe dream a step closer to law.

Democratic Reps. John Larson (Conn.), Conor Lamb (Pa.) and Jahana Hayes (Conn.) are introducing the Social Security 2100 Act on Wednesday, legislation that would expand Social Security benefits across the board and prolong the program’s solvency for the next 75 years and beyond. The legislation finances a more generous benefit and cost-of-living adjustment formula, a reduction in income taxes on benefits and the closure of Social Security’s long-term funding gap by lifting the cap on income subject to payroll taxes and raising those tax rates.

The bill is being rolled out on the 137th birthday of President Franklin D. Roosevelt, who established Social Security as part of his New Deal in 1935.

The bill already has the support of more than 200 House Democrats, including House Ways and Means Committee Chairman Richard Neal (D), who relied on Social Security payments to help pay for college after his father died.

That puts the bill just shy of the 218-vote mark it would need to pass the House.
Adding:
The Hill: Expanding Social Security: Popular from sea to shining sea
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NotaPerson
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Re: Social Security 2100 Act

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Addie wrote: Wed Jan 30, 2019 12:52 pm HuffPo
House Democrats Unveil Social Security Expansion Bill With Unprecedented Support

In less than a decade, mainstream Democrats in Congress have gone from entertaining Social Security cuts to almost universally endorsing the program’s expansion.

With Democrats in charge of the House for the first time since this tidal shift upended party orthodoxy, senior members of Congress are setting the stage for the legislative chamber to increase Social Security benefits, bringing a onetime liberal pipe dream a step closer to law.

Democratic Reps. John Larson (Conn.), Conor Lamb (Pa.) and Jahana Hayes (Conn.) are introducing the Social Security 2100 Act on Wednesday, legislation that would expand Social Security benefits across the board and prolong the program’s solvency for the next 75 years and beyond. The legislation finances a more generous benefit and cost-of-living adjustment formula, a reduction in income taxes on benefits and the closure of Social Security’s long-term funding gap by lifting the cap on income subject to payroll taxes and raising those tax rates.

The bill is being rolled out on the 137th birthday of President Franklin D. Roosevelt, who established Social Security as part of his New Deal in 1935.

The bill already has the support of more than 200 House Democrats, including House Ways and Means Committee Chairman Richard Neal (D), who relied on Social Security payments to help pay for college after his father died.

That puts the bill just shy of the 218-vote mark it would need to pass the House.
If the highlighted bit is correct, I sure hope the Dems remember this bill once they have the power to pass and implement it. Hopefully that will be in 2021.
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ZekeB
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Re: Social Security 2100 Act

Post by ZekeB »

Meanwhile, they continue to tax 85% of my Social Security income, despite the fact that I wasn’t allowed to deduct my contributions.
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Re: Social Security 2100 Act

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Two points about taxing social security income:

1) While you may not have been able to deduct your social security contributions, on the other hand you were not taxed on the equal contributions made by your employer on your behalf.

2) There's been talk over the years about means testing for receiving social security benefits. In other words, should someone like Jeff Bezos even receive social security? The problem with basing social security payments on a person's net worth is calculating net worth. If all you're doing is looking at portfolio balances, that's one thing. But what about the value of closely held corporations? Of real estate? Of art or physical precious metal? It's much easier to do a rough means test by instead taxing a portion of social security income based on total income. And that's why folks like Zeke and me will end up getting taxed on 85% of our social security benefits.

Personally, I prefer the option of taxing 100% of wages with no cap, but continuing the cap on social security payments. Yes, the wealthy will pay more, but in order to provide a base level of support for all seniors, I like this idea. Just my opinion.
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Addie
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Re: Social Security 2100 Act

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New York Times
Democrats Push Plan to Increase Social Security Benefits and Solvency

WASHINGTON — After years of Republican-led debate over how to pare back Social Security’s rising costs, Democrats are flipping the script with an ambitious plan to expand the New Deal-era social insurance program while making gradual changes to keep it solvent for the rest of the century.

The Social Security 2100 Act, which was introduced this past week in the House and the Senate, represents a sea change after decades dominated by concern that aging baby boomers would bankrupt the government as they begin drawing benefits from Social Security and other entitlement programs. It would be the first major expansion of Social Security since 1972 and the most significant change in the program since 1983, when Congress stepped in to avert a financial crisis by raising taxes and the eligibility age for Social Security.

The bill would provide an across-the-board benefit increase equivalent to about 2 percent of the average Social Security benefit. It would raise the annual cost-of-living adjustment to reflect the fact that older Americans tend to use more of some services like health care. And it would increase the minimum benefit to ensure that workers with many years of low earnings do not retire into poverty.

The bill would cut federal income taxes on Social Security benefits for about 12 million middle-income people while raising taxes elsewhere. The payroll tax rate would rise to 14.8 percent over the next 24 years, from 12.4 percent, and the payroll tax would be imposed on earnings over $400,000 a year.

The maximum amount of earnings subject to the Social Security payroll tax this year is $132,900. The proposal would, in effect, create a doughnut hole, where earnings from $132,900 to $400,000 would not be taxed. ...

“Our bill, supported by more than 200 members of the House, would enhance and expand the nation’s most successful insurance program, which touches the lives of every American,” said Representative John B. Larson, Democrat of Connecticut and the principal author of the legislation.
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Re: Social Security 2100 Act

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CNBC
Social Security expansion bill poised to gain traction in Congress, targeting those who earn over $400,000

As Social Security’s funding problems loom ever closer on the horizon, the program has emerged as a pet project on many lawmakers’ fix-it list.

Now in control of the House, Democrats have thrown their weight behind a measure that would extend and expand the program — largely by asking high earners to pony up, along with a gradual increase in the Social Security tax rate that applies to workers’ income.

“Democrats have agreed that we should expand, not cut, Social Security and have the wealthy pay their share,” said Nancy Altman, president of advocacy group Social Security Works.

Due to a variety of factors — including an aging demographic, longer life spans, lower birth rates and the widening income gap — the Social Security Trustees 2018 report projects that beneficiaries will see a 21 percent cut in benefits by 2034 unless Congress takes action to prevent the funding shortfall. The Congressional Budget Office’s estimate is more dire, pegging the year at 2031.

More than 200 lawmakers, all Democrats, have signed onto the Social Security 2100 Act in the House. Introduced by Rep. John Larson, D-Connecticut, the bill would require that earnings above $400,000 be subject to the payroll tax that funds the program.
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Re: Social Security 2100 Act

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42% of Americans are at risk of retiring broke
https://www.cnbc.com/2018/03/06/42-perc ... ter%7Cmain
At this rate, retirement is more of a fantasy than a reality for many people in this country.

About 42 percent of Americans have less than $10,000 saved for when they retire, according to a study by GoBankingRates.

The No. 1 reason most people cited for not stashing more away was because they didn’t earn enough to save, followed by the fact that they were already struggling to pay bills, GoBankingRates said. The personal finance site polled more than 1,000 adults online in February.
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Re: Social Security 2100 Act

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The Hill
The TRUST Act is a plot to gut Social Security behind closed doors

Eight years ago, Mitt Romney ran for president on a promise to cut Social Security, Medicare and Medicaid. He even picked Medicare’s worst enemy, Paul Ryan, to be his running mate. Fortunately, he lost.

Now, Romney is a senator trying to burnish his “moderate” credentials by acting extremely concerned about Donald Trump’s crimes—while doing nothing to stop them. But he’s still got the same plan for Social Security: Gut it.

This past October, Romney introduced the TRUST Act, which would create a fast-track, closed-door process for cutting Social Security and Medicare.

Of course, Romney isn’t saying he’d cut benefits, which is incredibly unpopular with voters of all political stripes. Instead, he’s using an Orwellian euphemism ― “strengthen.” But we know what Romney means, because politicians don’t shut the door when they’re trying to do something popular.

Any discussion about the future of Social Security should be done in the light of day, where the American people can see it. That’s just what House Democrats are doing, with the Social Security 2100 Act.

This legislation, which is co-sponsored by around 90 percent of House Democrats, increases Social Security benefits for everyone. It also has additional targeted increases for the most vulnerable beneficiaries. On top of that, it addresses Romney’s alleged mathematical concerns by keeping the Social Security trust fund strong into the next century and beyond.
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Larson.house.gov: Social Security 2100 Act
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Re: Social Security 2100 Act

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Joe Lockhart
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5 hours ago, 19 tweets, 8 min read

1. Attention shoppers, clean up on aisle Davos please and welcome to the in the shadows of the elephants day or the Daily White House Shadow briefing. Hard to know what pile of manure to attack first. So I'll let you decide. Let's get right to your questions.

2. Q. How seriously is the President considering cutting social security, medicare and medicaid in his second term. A. Deadly serious, and I chose my words carefully there. @realDonaldTrump went on CNBC at the wee hours of this morning surrounded by the bulk of the wealth in

3. in the world, and said he's going to pay for his corporate tax cut by cutting the programs Americans late in life depend on the most. In a bold statement, he declared social security and the other entitlements the easiest to cut. Folks, see what I did there, this is a game

4. changer in the election. For a President at 43% job approval to run on cutting entitlements, well Barry Goldwater comes to mind. This may be the single most unpopular idea in America from the single most unpopular Politician. Maybe the two negatives will cancel each other

5. out, but that's not normally the way it works in US politics. But it would be wrong not to recognize and applaud the President for being honest for once even if it was because his meds are off and his dealer didn't make the trip. We're awaiting all Republican leaders

6. joining the President especially Senators in very tight races. Collins, Gardner, McSally, Cornyn etc all for cutting social security because their dear leader said so. They stuck with him thru 13 painful votes, how much worse could this be. Well they're about to find out.
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Re: Social Security 2100 Act

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Cross-posting-

Coronavirus has already dealt a blow to Social Security's finances. Trump's payroll tax holiday could make it worse

https://www.msn.com/en-us/news/us/coron ... r-BB17HpQ5
A big fan of payroll tax cuts, Trump signed an executive action Saturday deferring the employee portion of payroll taxes -- 6.2% for Social Security and 1.45% for Medicare -- for workers making less than $100,000 a year through the rest of 2020.

If he's reelected, Trump said, he plans to forgive the taxes and make permanent cuts to the payroll taxes.

"I'm going to make them all permanent," he said.

Otherwise, presumably, workers would have to pay the taxes at the end of the year.
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Re: Social Security 2100 Act

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Due to reduced payroll tax revenues due to pandemic-related layoffs the SS Trust Fund is now projected to run out within a decade. Trump's payroll tax suspension will only make things worse.

The number of people over 65 is now about 46 million. By 2030 that number is projected to increase by 18 million. We who are part of that number face a catastrophic loss of income and medical coverage. :eek2:
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Re: Social Security 2100 Act

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MeidasTouch.com
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Losing your Social Security and Medicare to own the libs
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Re: Social Security 2100 Act

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Rampant Covid will keep the cost of benefits down.
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Re: Social Security 2100 Act

Post by Sugar Magnolia »

Volkonski wrote: Sun Aug 09, 2020 1:02 pm Due to reduced payroll tax revenues due to pandemic-related layoffs the SS Trust Fund is now projected to run out within a decade. Trump's payroll tax suspension will only make things worse.

The number of people over 65 is now about 46 million. By 2030 that number is projected to increase by 18 million. We who are part of that number face a catastrophic loss of income and medical coverage. :eek2:
Not to mention the however-many people who will be permanently disabled from having covid and all the lung and heart and godknowswhatelse related damage.
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Re: Social Security 2100 Act

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Gray Panthers.

I’m jus’ sayin’.
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