Larson Introduces Social Security Proposal to Cut Taxes for Seniors, Increase Benefits, and Strengthen Program
Washington – Today, Rep. John B. Larson (CT-01) joined several Members of the Ways & Means Committee and others in introducing the ‘Social Security 2100 Act’, HR 1391. Larson, a member of the Ways & Means Subcommittee on Social Security, authored the measure in order to cut taxes for Social Security recipients, provide a benefit bump for current and future beneficiaries, and keep the system strong for generations to come.
“Social Security remains the nation’s bedrock retirement program and provides vital protection for the disabled and those who have lost a loved one. Many Americans, however, do not believe it will be there for them when they retire. I am proud to announce a common sense path forward today that, not only strengthens benefits now, but ensures Social Security will be here through the next century,” said Larson.
"Social Security Works applauds Representative Larson for his vision and leadership regarding Social Security. At a a time when Americans face a looming retirement income crisis, the increasing squeeze on middle class families, and the perilous upward redistribution of wealth, Representative Larson recognizes that expanding Social Security is a solution. His Social Security legislation will provide greater economic security for all Americans,” said Nancy Altman, founding co-director of Social Security Works.
“John Larson has taken a major step forward with this bold initiative to preserve and strengthen the Social Security system for grandparents, parents and children of this nation. The National Committee applauds him for his vision and stands ready to work with him to see his plan become law,” said Max Richtman, President and CEO, National Committee to Preserve Social Security and Medicare.
Congressman John Larson’s Social Security 2100 Act, H.R. 1391, provides the following:
- Tax cut for over 11 million Social Security recipients by raising the threshold on taxation of benefits
- Benefit bump beginning in 2016 for current and new beneficiaries
- Protection for low income workers by raising the minimum benefit from below the poverty line to 25% above
- Long term protection against inflation for cost of living adjustments (COLA) by adopting the CPI-E formula
Social Security remains the single most reliable program for middle class Americans and is expected to pay full benefits over the next two decades. With common sense steps like those in Larson’s proposal, Congress can boost this vital program now and ensure Social Security remains strong well into the future. For additional quotes, a fact sheet, endorsements, bill language and more, see the Social Security 2100 Resource Hub.
Current cosponsors of the Social Security 2100 Act include Representatives Joseph Crowley, Danny Davis, John Lewis, Jim McDermott, Richard Neal, Bill Pascrell, Charles Rangel, Linda Sanchez, Mike Thompson, Chris Van Hollen, Brendan Boyle, Robert Brady, Michael Capuano, Matt Cartwright, Judy Chu, Katherine Clark, John Conyers, Joe Courtney, Elijah Cummings, Rosa DeLauro, Mike Doyle, Donna Edwards, Keith Ellison, Anna Eshoo, Elizabeth Esty, Sam Farr, Chaka Fattah, Tulsi Gabbard, Ruben Gallego, Alan Grayson, Raul Grijalva, Alcee Hastings, Mike Honda, Jared Huffman, Steve Israel, Hakeem Jeffries, Marcy Kaptur, William Keating, Joe Kennedy, Ted Lieu, James McGovern, Gregory Meeks, Jerrold Nadler, Rick Nolan, Eleanor Holmes Norton, Donald Payne Jr., Cedric Richmond, Tim Ryan, Bobby Scott, Jose Serrano, Albio Sires, Louise Slaughter, Paul Tonko, and Juan Vargas.