Social Security: House Committee Holds Hearing on Social Security Financing Bill

On July 25, the House Ways and Means Committee held a hearing on the Social Security 2100 Act (H.R.860). The bill would make Social Security benefits more adequate by providing a modest across-the-board increase, improving annual cost of living adjustments, and increasing the minimum Social Security benefit to 25 percent above the federal poverty line. Additionally, it would create a single Social Security Trust Fund to simplify Social Security’s operations and ensure that Social Security is able to pay full scheduled benefits for the next 75 years through modest enhancements to revenues. The Arc strongly supports the Social Security 2100 Act. Testimony from the hearing is available on the committee website.

Bill to Strengthen Finances Introduced in House

Rep. John Larson (D-CT) has introduced the Social Security 2100 Act (H.R.1391) along with 54 cosponsors. The bill provides for numerous improvements to Social Security benefits, including a modest benefit increase for current and new beneficiaries, starting in 2015; an improved annual cost of living adjustment; a tax break for over 10 million Social Security beneficiaries by raising the threshold for taxation on benefits for individual and joint filers; and a new minimum benefit that will be 25 percent above the poverty line. The bill would also make Social Security fully solvent for 75 years and includes a reallocation of Social Security payroll contributions to prevent a 20% across the board benefit cut in Social Security Disability Insurance (SSDI) benefits in 2016. The bill was referred to the House Committee on Ways and Means and the House Committee on Education and the Workforce.