Following National Retirement Planning Week, U.S. Senators Chris Van Hollen (D-Md.) and Richard Blumenthal (D-Conn.) have introduced legislation in the Senate to strengthen and expand Social Security. The bill has been championed in the House of Representatives by U.S. Representative John Larson (D-Conn.).
“For generations, Americans have depended on the Social Security benefits they’ve earned. Yet this vital program has been under attack in recent years, threatening working families’ financial security. This legislation will increase retirement, disability, and survivor benefits and provide long-term, sustainable solvency for Social Security,” said Senator Van Hollen. “It is crucial to maintaining the program’s strength and ensuring that it will continue to provide economic stability for generations to come. I appreciate the efforts of my colleagues on this bill, and I urge the Senate to address this issue immediately.”
“The Social Security 2100 Act will not only keep Social Security solvent for the next 75 years – it will allow for an expansion in hard-earned benefits,” Senator Blumenthal said. “It will make important strides toward shared prosperity and ensuring that the sacred promise of Social Security is kept for all Americans.”
“Social Security is not an entitlement – it’s the insurance Americans have paid for to fund retirement, disability, and survivor benefits. Seniors depend on Social Security and no one should be able retire into poverty after a lifetime of work. I applaud my friends, Richard Blumenthal of Connecticut and Chris Van Hollen of Maryland, for championing this critical solution in the United States Senate. As we face an unprecedented 10,000 retirees from the Baby Boom generation becoming eligible for Social Security every day, the Social Security 2100 Act will enhance and expand benefits, give working seniors a tax cut, and keep Social Security strong now and for future generations. The Senators and I are committed to taking common sense steps to expand benefits and keep Social Security solvent for the next 75 years and beyond. The Social Security 2100 Act, will do just that, without adding a penny to the national debt,” said Representative Larson.
The Social Security 2100 Act would:
- Cut taxes for over 10 million Social Security recipients by raising the threshold on taxation of benefits;
- Boost benefits beginning in 2018 for current and new beneficiaries;
- Protect low-income workers by raising the minimum benefit from below the poverty line to 25% above; and
- Ensure long-term protection against inflation for cost-of-living adjustments (COLA) by adopting the CPI-E formula.