Social Security 2100 Back in Focus - Rep. John Larson; Pension & Investments

Calling Social Security “the number one anti-poverty program for the elderly, for children, and a disability plan that more veterans rely on than the VA,” House Ways and Means Social Security Subcommittee Ranking Member John B. Larson (CT-01) yesterday reintroduced Social Security 2100. Described as “a plan of action to secure and expand Social Security,” Larson presided over a news conference featuring remarks in support of the legislative initiative from key caucus leadership, including House Minority Leader Hakeem Jeffries, D-N.Y. and Ways and Means Committee ranking member Richard E. Neal, D-Mass.

Rep. Larson’s website announcement provides a fact sheet outlining key elements of the legislation, including, among other changes:

  • A 2% across the board increase in benefits for all
  • Changes to the annual cost-of-living adjustment formula to better reflect costs faced by seniors
  • Increased benefits for lower-income seniors
  • Repeal of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO)
  • Combining the Old Age and Survivors Insurance (OASI) and Disability Insurance (DI) trust funds into an administratively single fund

Funding for the bill would be accomplished by applying the current payroll tax on all earnings above $400,000, “with those extra earnings counted toward benefits at a reduced rate.” In addition, the new Social Security 2100 framework would increase the Net Investment Income Tax (NIIT) for investment income over $400,000.

The reintroduced Social Security 2100 bill arrives on the scene at a time when the debt ceiling negotiations provide uncertainty for the near term regarding the continuity of monthly benefit payments, and while the 118th Congress deals with determining the most appropriate solution for Social Security’s long-term financial insolvency projections. Pensions & Investments reporter Courtney Degen provides additional perspective on the Larson announcement in a post on their website, which you can access here.

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