What You Need to Know
- The bill would strengthen Social Security and expand benefits.
- It would impose the payroll tax on wages over $400,000 a year.
- Bill also increases benefits across the board and is expected to change the way COLAs are calculated.
House Ways and Means Social Security Subcommittee Chairman John Larson, D-Conn., plans to introduce next week a bill — titled Social Security 2100: A Sacred Trust — intended to strengthen Social Security and expand benefits.
Larson said Wednesday that while the Social Security cost-of-living adjustment (COLA) for 2022 of 5.9% “is welcome news, it only further underscores the need for Congress to act on Social Security.”
Larson noted in a statement that “it has been more than 50 years since Congress has improved Social Security benefits. Seniors are suffering — five million are living below the poverty line — current Social Security benefits are not enough!”
The revised bill would increase benefits and extend the program’s solvency. Larson announced in early September that he planned to introduce the bill.