Last week the Social Security Subcommittee of the House Ways and Means Committee held a hearing on the Social Security 2100 Act: A Sacred Trust. The bill was authored and introduced by Rep. John Larson (D-Conn.), who is chair of the subcommittee.
TSCL has worked long and hard with the Chairman’s office in support of the bill.
During the hearing Larson said, “There is a fierce urgency now to vote on Social Security. Seniors, people with disabilities, widows, and other beneficiaries cannot wait. Americans can’t wait, it’s time to move Social Security 2100: A Sacred Trust forward.”
Larson stated during the hearing that there would soon be action to move the bill forward, but he didn’t specify a date.
The bill adopts the Consumer Price Index for the Elderly as the basis of the annual cost-of-living adjustment (COLA), applies the payroll tax to wages above $400,000, combines the Old-Age and Survivors and Disability Insurance trust funds, includes a 2% benefit bump.
It would also extend the depletion date (when a 20% cut to benefits would occur) to 2038.
TSCL has called for a quick vote on the legislation.