A Congressional bill aims to boost Social Security benefits through higher payroll taxes for the wealthy. Here's a rundown of the plan.
The bill is the latest version of the Social Security 2100 Act, which Larson introduced in previous session of Congress.
As Washington lawmakers push to accomplish a host of items on their agenda before year end, Larson hopes the bill will have momentum in 2022."I'm thinking the first of the year we'll be ready for a mark-up and bring it to the floor by spring," Larson said. Congress faces a deadline to act on Social Security, due to a benefit shortfall set to take effect in 2034, according to the most recent estimates from the Social Security Administration. At that time, just 78% of promised benefits would be payable from trust funds the program relies on to issue those monthly checks.To address that shortfall, lawmakers could implement benefit cuts, tax increases or a combination of both.
The proposal would also boost benefits for certain widows and widowers and provide credits to caregivers who take time out of the workforce. It would also raise the benefit age for students up through age 25 and end the five-month waiting period for disability benefits. Additionally, it would change the way cost-of-living adjustments for beneficiaries are calculated each year.
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