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An Analysis of the Future Potential Result of the Passage of HR82 - Governing - Finance
The repeal of the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO) made the headlines at the end of 2024. So what happens next? How will the repeal affect Social Security Solvency? Will there be some corrective tax policies put in place to make up for the cost of this action to Social Security?
Girard Miller for Governing -Finance offers a perspective here…
As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must be preserved and modernized to meet the demands of 21st-century economics. AMAC’s position is that this can be achieved without payroll tax increases via slight program modifications, including cost of living adjustments and payments to high-income beneficiaries. AMAC also supports an increase in the thresholds where benefits are subject to income tax, along with indexing of these thresholds annually to account for inflation. The AMAC position also calls for eliminating the reduction in benefits for those choosing to work before full retirement age, and advocates for improved savings tools for future retirees. AMAC is resolute in its mission that Social Security be preserved for current and successive generations and has gotten the attention of lawmakers in D.C., meeting with many congressional offices and staff over the past decade.
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