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Senate Bill S.4877 Would Buy 19 Years - Thomson Reuters
Titled the “Protecting and Preserving Social Security Act,” S.4877 recently introduced by U.S. Senator Mazie K. Hirono (D-HI), would extend the full depletion of Social Security’s trust funds an additional 19 years, to 2054. The length of the extension was calculated by Social Security Administration’s Office of the Chief Actuary, based on a recommendation to change “… how payroll taxes are applied to higher-income earners.”
The Bill, as proposed, also advocates the adoption of the Consumer Price Index for the Elderly (CPI-E) to set the annual cost-of-living adjustment (COLA) for beneficiaries. In a press release, Sen. Hirono’s office cited endorsements from National Committee to Preserve Social Security and Medicare (NCPSSM), Alliance for Retired Americans (ARA), and Social Security Works (SSW).
To read a summary of the Bill from Thomson Reuters’ Federal Tax Checkpoint News Staff, click here. The Bill text can be viewed here.