H.R.860: Social Security 2100 Act
The Social Security 2100 Act (H.R. 860) provides the following:
• Across-the-board benefit increase for current and new beneficiaries;
• Improved cost-of-living adjustment (COLA) that takes into account the true costs incurred by seniors;
• Stronger minimum benefit, so someone who works their whole life does not retire into poverty and;
• A tax cut for over 12 million Social Security recipients by eliminating the tax on their benefits.
• Applies the payroll tax to wages above $400,000.
• Gradually phase in an increase in the contribution rate beginning in 2020, so that by 2043 workers and employers would pay 7.4% instead of 6.2%.
Social Security is the most important source of retirement income for 4 out of 5 seniors. It also provides protections to disabled workers and families who have lost a breadwinner. With common-sense steps like those in the Social Security 2100 Act, Congress can improve benefits while ensuring Social Security remains financially strong throughout the century.
S. 269 is the Senate companion bill.View Full Overview