Washington, D.C. – Today Congressman Stephen F. Lynch joined the Chairman of the Ways & Means Social Security Subcommittee, John B. Larson (CT-01), and his House colleagues in introducing the Social Security 2100 Act, H.R. 860, which will expand Social Security’s vital benefits, financially strengthen the system and cut taxes for over 10 million seniors throughout the 21st century.
“We owe it to every hard working American to give them the insurance they have paid for throughout their lifetime of work to fund their retirement, disability and survivor benefits,” said Lynch. “Social Security provides economic security for nearly everyone, and the Social Security 2100 Act takes common sense steps to increase these benefits and to make the system financially secure.”
The Social Security 2100 Act will provide the following:
• A benefit bump for current and new beneficiaries (the equivalent of 2% of the average benefit)
• An improved cost-of-living adjustment (COLA) that takes into account the true costs incurred by seniors
• Protect low income workers, so no one who paid into the system over a lifetime retires into poverty
• A tax cut for over 12 million Social Security recipients by eliminating the tax on their benefits
• Ensure that any increase in benefits from the Bill do not result in a reduction in SSI benefits or loss of eligibility for Medicaid or CHIP
• Apply the payroll tax to wages above $400,000, which would only affect the top 0.4% of wage earners
• Gradually phase in an increase in the contribution rate that would average paying an additional 50 cents per week every year to keep the system solvent
Social Security is the most important source of retirement income for 4 out of 5 seniors, and it provides protections to disabled workers and families who have lost a breadwinner. Through the Social Security 2100 Act, Congress can improve benefits while ensuring Social Security remains financially strong throughout the century.
You may read the text of the Social Security 2100 Act, H.R. 860, here.