Congress has a new plan to fix Social Security. How it would change benefits

[Yo_Mama_Been_Loggin]

A Social Security reform bill popular with House Democrats is getting reintroduced in Congress.

This time, it features some changes aimed at attracting more support from Republicans across the aisle.

The bill, known as the Social Security 2100 Act, is being brought forward by Rep. John Larson, D-Conn., who serves as chairman of the House Ways and Means Social Security Subcommittee.

Those who appeared alongside him on Tuesday to announce the reintroduction of the bill included Rep. Alexandria Ocasio-Cortez, D-N.Y., and House Ways and Means Committee Chairman Richard Neal, D-Mass.

https://www.msn.com/en-us/money/personalfinance/congress-has-a-new-plan-to-fix-social-security-how-it-would-change-benefits/ar-AAPYQEb

[SoCalNative]

1. There's a much easier fix

Force Congress to pay back the money that they raided from the SS coffers to pay for endless wars.

[bamagal62]

2. I've been saying this

For years.

[Voltaire2]

3. the trust fund is invested in t-bills.

It is not raided by Congress. In 13 years, if nothing is done, the huge SS surplus will be exhausted, not because Congress took the money, but because payouts are exceeding income and have been for a while.

[Hassler]

4. Lift the cap on payroll tax.

[edhopper]

6. This

Exactly this.

[Celerity]

5. Like Biden's plan, the Social Security 2100 Act would set a higher minimum benefit for low-income

workers. Benefits would be set at 125% above the poverty line and tied to wage current wage levels.

In addition, there's a benefit boost for both new and existing beneficiaries amounting to about 2% of the average benefit.

Annual cost-of-living adjustments would be tied to the Consumer Price Index for the Elderly, or CPI-E. The argument is that this experimental index may better reflect the costs seniors face. Biden also included this change in his Social Security proposals.

The plan also integrates a couple of elements that might help draw more support for the proposal. Notably, the Social Security 2100 Act proposed last year had more than 200 co-sponsors, though all were Democrats.

[dweller]

7. Will we have to wait

till 2100 to see this passed ?
🤨


✌🏻

[Mr.Bill]

8. If you want more support from republicans

you'll have to cut the benefits in half.

[ProudMNDemocrat]

9. Eliminate the Gross Earned Income Cap

Earners making $5 million in Gross Earned Income should be subjected to SS taxes as someone earning $50,000 annually . Problem solved and SS is solvent.