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Proposed Social Security Legislation Would Increase Benefits, Raise Taxes - Financial Advisor Magazine
New legislation has been proposed by Sen. Brian Schatz (D-HI) that would increase benefits for Social Security recipients by adding an estimated $ 150 per month to payments and modifying the current cost-of-living methodology to reflect cost categories more appropriate to seniors (i.e., from CPI-W to CPI-E). The additional benefit dollars would be made available through a gradual elimination of the taxable maximum, currently $184,500 for 2026, up from $176,100 in 2025. Financial Advisor Magazine reporter Tracey Longo provides a summary of the SAFE Social Security Act in a post on their website, which you can access here…
The proposal is similar to others submitted in past congressional sessions, none of which became law. Fundamentally, there seems to be little interest in stopgap measures when the overall program faces insolvency in about 6 years. It’s expected that many similar measures will be advanced in Congress over the next few years as the program continues its slide toward a financial disaster.