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The Midterms Elections and Social Security Changes
Keith Speights asks what changes might be in order given this November’s elections? The answer is likely none, at least immediately. Both parties know that reform cannot be put off indefinitely. Democrats generally favor raising the Social Security payroll tax cap and increasing benefits. One plan raising it from $160,200 in 2023 to $250,000 while another reimposes it once $400,000 in income is reached. The GOP wants to gradually increase the full retirement age and eliminate penalties for early retirees to continue working. Fixing Social Security will require some compromises that thus far have been elusive. Full piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved with no tax increases by changing cost of living adjustments, the retirement age, and delayed credits. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own research. One component is Social Security PLUS, a voluntary plan to allow all earners to have more income at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.