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Higgins joins Larson to announce reintroduction of Social Security 2100 Act

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Thu, Jan 31st 2019 12:20 pm

Bill would expand benefits, cut taxes for seniors, ensure program remains solvent until 2100

Democrat Congressman Brian Higgins joined his Connecticut counterpart Congressman John Larson at a press conference on Wednesday to announce the reintroduction of the Social Security 2100 Act. More than 200 members have already signed on as cosponsors of the bill.

The legislation would provide a modest increase in benefits for recipients, improve the cost of living adjustment formula to better keep pace with inflation, raise the minimum benefit to ensure low-income workers do not retire into poverty, raise the cap on taxable income for high earners making above $400,000, and cut taxes for 12 million middle-income beneficiaries.

Higgins said of the legislation: “The promise that hard-working Americans, after a lifetime of contributions to the Social Security program, can have a secure retirement must be upheld and strengthened. The Social Security 2100 Act will give the program solvency for the rest of the century so that recipients today and in the future can depend on this critical program.”

Currently, the Social Security board of trustees projects the Social Security trust fund to exhaust its reserves by 2034. When that happens, there’s expected to be a dramatic reduction in scheduled benefits. Higggins’ camp said independent analysis by the Social Security administration’s chief actuary shows that the SS 100 Act would restore solvency to the Social Security trust fund throughout the remainder of this century.

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