New Social Security Bill Will Save Retirement For Future Generations

December 7, 2019
2864 Views

Social Security is supposed to support us in our old age after we retire. But the government has been dipping into the Social Security funds for years, so much so that it is only projected to last until 2035. That’s only about 15 years from now. But a new bill sets out to extend the fund for at least another 40 years.

A significant expansion of Social Security currently under consideration by House Democrats would extend the program’s solvency and expand benefits by raising payroll taxes on high-income earners.

If passed, the bill — the Social Security 2100 Act — introduced by Rep. John Larson, D-Conn., would make the program solvent for at least 75 years by beginning to gradually raise payroll taxes in 2020, according to the chief actuary of the Social Security Administration. Under current law, Social Security is expected to expire by 2035.

Currently, all employees and employers pay a 6.2 percent payroll tax on wages capped out at $132,900 — but Larson’s bill would immediately impose a tax on wages above $400,000. He then goes a step further, proposing eventually raising that tax rate to 7.4 percent by 2043. Right now, an employee earning $50,000 per year would pay $3,100 in a payroll tax. That would climb to $3,125 in 2020 and peak at 3,700 in 2047 under Larson’s proposal.

But Larson said it essentially equates, on average, to an additional 50 cents per week every year.”

Social Security was originally setup as “an act to provide for the general welfare by establishing a system of Federal old-age benefits, and by enabling the several States to make more adequate provision for aged persons, blind persons, dependent and crippled children, maternal and child welfare, public health, and the administration of their unemployment compensation laws; to establish a Social Security Board; to raise revenue; and for other purposes.”

If this bill passes it could help the millions that have been paying into Social Security receive the benefits they rightly deserve. Now if only the fund could go untouched until then.

You may be interested

Melania Trump Explains The Difference Between An Activist And Her Son
News For You
2255 views
News For You
2255 views

Melania Trump Explains The Difference Between An Activist And Her Son

Simon Daily - December 15, 2019

Dems don't seem to understand the difference between Barron Trump and Greta Thunberg. Thunberg is an activist making speeches to…

Jill Biden Claims Trump Is Afraid Of Joe
News For You
800 views
News For You
800 views

Jill Biden Claims Trump Is Afraid Of Joe

Simon Daily - December 15, 2019

Dem Presidential Candidate Joe Biden is out campaigning again and this time it appears he brought his wife along to…

Alan Dershowitz Claims The SCOTUS Practically Ruined The Dem’s Case For Impeachment
News For You
4975 views
News For You
4975 views

Alan Dershowitz Claims The SCOTUS Practically Ruined The Dem’s Case For Impeachment

Simon Daily - December 15, 2019

The Dems have pushed forth two articles of impeachment: abuse of power and obstruction of Congress. Alan Dershowitz claims that…