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House Debut of Sweeping Social Security 2100 Bill Is Delayed

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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.

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A spokesperson for Larson’s office told ThinkAdvisor that a “scheduling issue with some of our speakers” prompted the need to reschedule introduction of the bill.

According to the bill’s fact sheet, adopting a CPI-E formula “will help seniors who spend a greater portion of their income on health care and other necessities. Improved inflation protection will especially help older retirees and widows who are more likely to rely on Social Security benefits as they age.”

Larson said on Oct. 13 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!”