DelBene: We Must Strengthen, Preserve Social Security for Future Generations
WASHINGTON, D.C. – Congresswoman Suzan DelBene (WA-01) today helped introduce the Social Security 2100 Act to improve retirement security for America’s seniors by enhancing benefits, increasing annual cost-of-living adjustments, scrapping the income contribution cap on the wealthy and ensuring the long-term stability of Social Security into the next century.
“For more than 80 years, Social Security has kept seniors out of poverty and provided a vital safety-net for the middle class. Instead of breaking our promise to seniors and future generations — as some in Congress have suggested — we should advance forward-looking reforms that strengthen the program and ensure all Americans can retire with dignity and economic security,” DelBene said. “By taking commonsense steps like lifting the income contribution cap on the wealthiest Americans, we can boost seniors’ benefits and ensure their cost-of-living adjustments reflect rising housing and prescription drugs prices. I’m honored to support this important legislation to ensure our seniors continue to be well-cared for.”
Currently, income above $127,200 is not subject to the Social Security tax. The Social Security 2100 Act would apply the payroll tax to all wages above $400,000, preserving Social Security beyond the next 75 years. The bill also provides an across-the-board benefit increase, boosts annual cost of living adjustments (COLAs) by adopting a formula that reflects seniors’ actual costs, cuts taxes for more than 11 million beneficiaries and establishes a minimum benefit to prevent older Americans from falling into poverty.
Rep. John Larson (CT-01) introduced the legislation today with more than 100 cosponsors. The bill falls under the jurisdiction of the House Ways and Means Committee, of which DelBene is a member.
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