Bill in Congress Would Change How Social Security Works

Originally published by The National Interest–

Social Security has been in the news a lot in recent months. First, the Social Security Administration released a report stating that the main trust fund that finances the program will deplete a year earlier than previously believed unless Congress takes action. Secondly, the long-awaited report came out revealing that the annual cost-of-living adjustment (COLA) for Social Security this year will be 5.9 percent, the largest increase since the early 1980s.

One congressman is planning to introduce legislation that would change how Social Security works. 

Rep. John B. Larson (D-Conn.), the chairman of the House Ways and Means Social Security Subcommittee, has introduced legislation that would reform Social Security in several key ways. In the proposal, titled Social Security 2100: A Sacred Trust, Larson proposes increasing benefits now, protecting benefits in the future, and funding it by “making millionaires and billionaires pay their fair share,” by applying the Social Security payroll tax to wages above $400,000, and using the Consumer Price Index for the Elderly for the purpose of calculating benefits.