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16 Big Social Security Changes in the New ‘Sacred Trust’ Bill

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Related: 13 Scariest Retirement Statistics: 2021

House Ways and Means Social Security Subcommittee Chairman John Larson, D-Ct., introduced Tuesday his new legislation, Social Security 2100: A Sacred Trust, and noted that the House Ways and Means Committee would hold a hearing on the bill in November followed by a markup.

Mary Johnson, Social Security and Medicare policy analyst with The Senior Citizens League, told ThinkAdvisor Wednesday in an email that given the current legislative calendar, passage of the bill this year isn’t likely.

“Social Security legislation requires consideration under special rules,” Johnson said. “Thus, I suspect that the provisions of this bill would need to be considered separately” from the spending bill now under debate in Congress.

Johnson added, however, that while Larson’s “entire bill” won’t be wrapped into a spending package, some provisions could make it in.

Larson’s bill, “will certainly open debate over how to strengthen Social Security benefits and the financing of the program in 2022,” Johnson added, “and we intend to continue to work with members of Congress to find the best solutions to improve program solvency and benefits for all beneficiaries.”

The Social Security 2100 bill “not only provides measures that would boost benefits, and provide better protection from inflation, but it would adjust the income thresholds that subject Social Security benefits to taxation, among a number of long overdue changes,” Johnson said.

The bill “contains a number of benefit enhancements that we strongly support and it strengthens Trust Fund solvency.”

Based on surveys conducted by the Senior Citizens League, she added, “we believe the provisions of this bill would receive strong support from older and disabled Americans, by making Social Security benefits more generous and lifting the living standards of millions of today’s Social Security recipients.”

See the gallery above for a section-by-section summary of Larson’s bill.