REP. THOMPSON HOSTS DISCUSSION ON LEGISLATION TO IMPROVE AND PROTECT SOCIAL SECURITY WITH BENICIA SENIORS
Washington, D.C. – Today, U.S. Rep. Mike Thompson (CA-5) hosted U.S. Rep. John Larson (D-CT) for a town hall meeting in Benicia to discuss the Social Security 2100 Act (H.R. 1391), legislation that if enacted would provide a benefit bump for current and future beneficiaries, cut taxes for Social Security recipients, and keep the system strong for generations to come.
“I’m committed to keeping Social Security strong for generations,” said Rep. Thompson. “That’s why I’m a proud coauthor of the Social Security 2100 Act, which not only improves benefits for today’s seniors, but ensures that the promise of Social Security will remain strong for our children and grandchildren. Many thanks to my colleague John Larson from Connecticut for flying out to Benicia to meet with our seniors and share more about this important legislation.”
"Social Security is a lifeline for millions, with two-thirds of retirees relying on their benefits for most of their income. That's why I introduced the Social Security 2100 Act to increase benefits, cut taxes, and keep Social Security solvent for generations. I commend Rep. Mike Thompson for his commitment to ensuring that hard working Americans who pay into the system get the benefits that they’ve earned,” said Rep. Larson.
Rep. Thompson is a coauthor of the Social Security 2100 Act, which was introduced in the House of Representatives by Rep. Larson.
The Social Security 2100 Act 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
- Long term protection against inflation for cost of living adjustments (COLA) by adopting the CPI-E formula
- Extends the solvency of the program by extending the Social Security payroll tax to wages over $400,000. Currently, the Social Security payroll tax only applies to wages up to $118,500.
In Solano County alone, Social Security distributes benefits amounting to about $765 million each year. With common sense steps like those in the Social Security 2100 Act, Congress can boost this vital program now and ensure Social Security remains strong well into the future. In fact, the Social Security Administration’s Chief Actuary issued a report verifying that the Social Security 2100 Act would keep the program solvent beyond the next seventy-five years.
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