What You Need to Know
- The bill would impose the payroll tax on earnings above $400,000.
- A scheduling issue prompted the need to reschedule introduction of the bill.
- Larson noted that it has been more than 50 years since Congress has improved Social Security benefits.
House Ways and Means Social Security Subcommittee Chairman John Larson, D-Ct., announced late Tuesday that he was postponing introducing his new legislation, Social Security 2100: A Sacred Trust.
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, and combines the Old-Age and Survivors and Disability Insurance trust funds.
Larson was to introduce the legislation Wednesday morning along with Majority Whip James Clyburn, D-S.C.; House Ways and Means Chairman Richard Neal, D-Mass.; Sen. Chris Van Hollen, D-Md.; and other Ways and Means Democrats.