Lawmakers and Social Security advocacy groups renewed their push Tuesday afternoon for passage of Social Security 2100: A Sacred Trust, H.R. 5723.
House Ways and Means Social Security Subcommittee Chairman John Larson, D-Conn., told reporters on a call Tuesday that he's hopeful that markup and a vote on Social Security 2100 will happen "when we come back [from recess] in August or September."
House Ways and Means Committee Chairman Richard Neal, D-Mass., an original co-sponsor of the bill, "is working hard," Larson said.
The legislation adopts the consumer price index for the elderly as the basis of the annual cost-of-living adjustment (COLA) and applies the payroll tax to annual wages above $400,000.
"There is a serious problem that we are facing. We know we have a retirement crisis on our hands, we know that has been compounded by this pandemic," Larson said during the call.
Pramila Jayapal, D-Wash., chair of the Congressional Progressive Caucus, echoed on the call that when Congress returns from its August recess, "let's get this bill to markup and get it to the floor."
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.