Social Security
Senior groups reacted to the cost-of-living (COLA) adjustment announced on Thursday for 2025 Social Security payment, saying it likely will not cover higher costs retirees are facing.
East Hartford, CT – Today, House Ways and Means Social Security Subcommittee Ranking Member John B. Larson (CT-01) released the following statement after the Social Security Administration (SSA) announced that the Social Security Cost-of-Living Adjustment (COLA) for 2025 will be 2.5 percent.
It is one of those unwelcome surprises that is almost guaranteed to anger people when they retire: income from Social Security benefits is subject to federal taxes - and in some cases, to state taxes as well.
So it is not a shock to see Republican presidential candidate Donald Trump dangling elimination of the tax as a possible enticement to voters this summer.
On Labor Day, we celebrate the contributions of workers. The best way to honor those contributions is to increase their compensation. A key part of their pay is deferred compensation in the form of Social Security. Working families earn their Social Security when they work and collect benefits when their work stops as the result of old age, disability, or death, leaving dependents.
It is well past time to expand those earned Social Security benefits. Congress has not increased them in over half a century.
Social Security turns 89 years old this week. That’s nearly nine decades of providing baseline financial security to America’s retirees and their families – and since 1956, to people with disabilities. Today, 67 million people — or 1 in 5 U.S. residents — receive Social Security benefits.