Rep. John Larson, D-Conn., chairman of the House Ways and Means Social Security Subcommittee, urged his fellow lawmakers Tuesday to vote on The Social Security 2100 Act: A Sacred Trust.
“There is a fierce urgency of now to vote on Social Security,” Larson said during a hearing on the bill. “Seniors, people with disabilities, widows, and other beneficiaries cannot wait. Americans can’t wait, it’s time to move Social Security 2100: A Sacred Trust forward.”
Larson noted the hearing would be followed by a markup of the bill, but didn’t specify a date.
The bill, introduced on Oct. 26, 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, combines the Old-Age and Survivors and Disability Insurance trust funds, includes a 2% benefit bump.
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The bill would extend the depletion date (when a 20% cut to benefits would occur) to 2038.
Social Security advocates echoed Larson’s call for a quick vote on the legislation.