Larson introduces social security proposal to cut taxes for seniors and increase benefits

WASHINGTON–Today, Congressman John B. Larson (D-CT 1st District) joined several members of the Ways and Means Committee and others to introduce the ‘Social Security 2100 Act’, HR 1391. According to a press release from Larson’s office, the congressman, 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,” Larson said in the release. “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.”

The proposal aims to cut taxes for more than 11 million Social Security recipients by raising the threshold on taxation of benefits and includes an increase in benefits beginning in 2016. In addition, it aims to protect low income workers by raising the minimum benefit from its current level below the poverty line to 25 percent above the poverty line. Finally, it offers long term protection against inflation for cost of living adjustments (COLA) by adopting the CPI-E formula.

“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,” Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare, said in the release.

For additional quotes, a fact sheet, endorsements, bill language and more, visit Congressman Larson’s website at http://1.usa.gov/1F0s8t3