Larson’s Landmark Social Security 2100 Act Receives Hearing

Washington, D.C. – Today, the Ways and Means Committee held a hearing on landmark legislation, the Social Security 2100 Act, authored by Chairman of the Ways and Means Social Security Subcommittee John B. Larson's (CT-01). The legislation would protect and strengthen Social Security and ensures Social Security is sustainably solvent beyond this century.

Larson's remarks can be viewed here.

"Social Security isn't an entitlement, it's the insurance Americans have paid for with every paycheck. Nothing has been done to enhance Social Security in 50 years and significant changes haven't been made since 1983. Americans are worried Social Security won't be there for them. That's why we're acting now. Come 2035 if we do nothing, there will be a 20 percent benefit cut," said Larson. "Today's hearing on the Social Security 2100 Act, under the leadership of Chairman Neal, is historic. The Social Security 2100 Act enhances benefits, adjusts the COLA to reflect seniors' needs, cuts taxes for 12 million seniors and ensures no one who has worked their whole life will retire into poverty. Plus, it's paid for in a commonsense way and strengthens Social Security, making it solvent beyond this century. This is the solution we need, because doing nothing is not an option."

The Social Security 2100 Act, H.R. 860, provides the following:

• An across-the-board benefit increase for current and new beneficiaries
• An improved cost-of -living adjustment (COLA) that takes into account the true costs incurred by seniors
• A stronger minimum benefit, so someone who works their whole life does not retire into poverty
• A tax cut for over 12 million Social Security recipients by eliminating the tax on their benefits

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