Social Security Reform…Examining the Implications of HR 860
Four seasoned contributors to “The Hill,” having examined the Social Security solvency problem and the recent legislative proposal to address this problem, have authored an analysis of the Social Security reform issue and posed several key questions regarding the corrective action proposed in HR 860, The Social Security 2100 Act. Jacob Lew, Henry Aaron, Kenneth Apfel, and Robert Reischauer, in a post on thehill.com, take a look at HR 860’s benefit expansion provisions, tax revenue increases, and other provisions with an eye toward ensuring that Social Security reform is targeted to needs, and so tax revenues can be more effectively channeled to better serve “the elderly and disabled and to finance spending on other urgent domestic priorities.” Access this post here…
HR 860, The Social Security 2100 Act, of course, is the legislation sponsored by Rep. John Larson (D-CT-1) and co-sponsored by over 200 Representatives. In summary, it’s details include, among other things, a benefit increase for all recipients, a change in the COLA calculation methodology, and an increase in the threshold for taxation of Social Security benefits. The bill also imposes a higher rate for payroll and self-employment taxes, as well as resumption of these taxes on incomes above $400,000.
In related discussion on Social Security reform, many are aware that the Association of Mature American Citizens (AMAC) has been actively engaged in the battle to craft legislation for a long-term solution to Social Security’s solvency issue. Dating back several years, AMAC has been advocating a legislative framework that would guarantee solvency for generations to come, with relatively minor adjustments and additional program provisions to assist future retirees in preparing for the financial realities of retirement. Most recently, AMAC has put forth an updated version of this framework, “The Social Security Guarantee Act,” a plan that combines the Association’s original platform with selected assumptions taken from legislation introduced by former Representative Sam Johnson (R) of Texas and Representative Larson to achieve what is the best path to long-term Trust Fund solvency without raising taxes. Learn more about the “The Social Security Guarantee Act of 2017” by vising AMAC’s website.
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