In the News: Social Security 2100 Act
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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.
Former President Donald Trump has touted a bold new idea for Social Security: ending taxes on benefit income.
“Seniors should not pay tax on Social Security,” Trump wrote on July 31 in all capital letters on social media platform Truth Social, and repeated the point during an Aug. 7 Fox & Friends interview.
East Hartford, CT – Today, House Ways and Means Committee Social Security Subcommittee Ranking Member John B. Larson’s op-ed, "With Trump, Seniors Know a Con When They Hear It," was featured in Newsweek.
Rep. Larson wrote the following op-ed that appeared in Newsweek:
In a recent address to the Speaker of the House and Congress on the House Floor, U.S. Rep. John Larson passionately called for immediate action on Social Security reform. Highlighting the program’s critical importance, Larson described it as the nation's number one anti-poverty initiative for the elderly and children.
In a visit to town to announce funding for a housing development, U.S. Rep. John Larson said, "You wouldn't think Barkhamsted is a place that needs affordable housing."
"But with home prices skyrocketing and other costs going up, people are struggling to afford it," said the Democrat who represents the 1st District in Washington, D.C.
U.S. Rep. John B. Larson, D-1st District, the ranking member of the House Ways and Means Social Security Subcommittee, visited the Barkhamsted Senior Center on Tuesday to discuss the status of Social Security and what he believes must happen if it is to remain “the No. 1 anti-poverty” program for seniors and children.
Larson sponsored the Social Security 2100 Act, first introduced in 2019, that would bring Social Security into the 21st century, but it has yet to be passed despite having 200 supporting signatures.
Advocacy groups, congressional Democrats, and U.S. President Joe Biden's reelection campaign on Monday pointed to new government reports on Medicare and Social Security as proof that the key programs must be protected from Republican attacks.