THOMPSON CO-AUTHORS SOCIAL SECURITY PROPOSAL TO CUT TAXES FOR SENIORS, INCREASE BENEFITS, AND STRENGTHEN PROGRAM
Washington, D.C. – U.S. Rep. Mike Thompson (CA-5) joined Congressman John B. Larson (CT-1), in coauthoring the ‘Social Security 2100 Act’, HR 1391. The measure stands to cut taxes for Social Security recipients, provides a benefit increase for current and future beneficiaries, and keeps the system strong for generations to come.
“Social Security is one of our nation’s most successful government programs, and this bill will help ensure its longevity” said Thompson. “With the measures laid out in this legation, we can both improve benefits while providing a tax break for seniors now and make sure Social Security remains strong four our kids and grandkids.”
“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.
“Representative Mike Thompson knows that a growing share of Social Security beneficiaries in California’s Fifth Congressional District and all over the country depend on Social Security for all or most of their income in retirement. He knows that eroding retirement benefits will put seniors on a highway to hardship until modest Social Security benefits are strengthened rather than cut. That’s why the National Committee to Preserve Social Security and Medicare applauds Congressman Thompson for cosponsoring the “Social Security 2100 Act” which would ensure that today’s and tomorrow’s seniors have a livable retirement. This bill provides greater economic security by achieving long term solvency while making needed improvements in Social Security benefits. I thank Congressman Mike Thompson for joining a major effort to preserve and strengthen the Social Security system for the grandparents, parents and children of Northern California and of this nation,” said Max Richtman, President and CEO of the National Committee to Preserve Social Security and Medicare.
The 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 percent 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 the Social Security 2100 Act, Congress can boost this program now and ensure Social Security remains strong well into the future.
Additional quotes, a fact sheet, endorsements, bill language and more are available online here: [http://1.usa.gov/1F0s8t3]
Congressman Mike Thompson is proud to represent California’s 5th Congressional District, which includes all or part of Contra Costa, Lake, Napa, Solano and Sonoma Counties. He is a senior member of the House Ways and Means Committee. Rep. Thompson is also a member of the fiscally conservative Blue Dog Coalition and chairs the bipartisan, bicameral Congressional Wine Caucus.
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