Thompson Calls on Congress to Strengthen Social Security
Washington – Today, Rep. Mike Thompson (CA-05) joined Rep. John B. Larson (CT-01) and more than 150 original cosponsors in introducing the Social Security 2100 Act. This bill would increase Social Security benefits for all beneficiaries, reduce taxes, and prevent seniors from retiring into poverty.
“Social Security is the bedrock of our retirement program and a lifeline for seniors,” said Thompson. “Millions of seniors rely on Social Security for most of their income—especially after the 2008 financial crisis wiped out so many traditional pensions. Congress needs to make sure Social Security continues to fulfil its promise to men and women who worked hard, played by the rules, and paid into the system all their lives.
“This is personal for me. My grandmother worked her entire life, but when she retired, she received a pension of only about $50 a month. If it weren’t for Social Security, she wouldn’t have survived. Millions of American families can share similar stories. I’m proud to join Rep. Larson in introducing this plan to raise benefits and strengthen Social Security for generations to come.”
The Social Security 2100 Act would:
- Increase benefits by 2 percent for all beneficiaries.
- Cut taxes by raising the income thresholds before Social Security is taxed. Currently, individuals who earn $24,000 a year and couples who earn $32,000 a year are taxed on benefits they receive. This plan would raise those thresholds to $50,000 and $100,000 respectively, resulting in a tax cut for about 11 million Americans.
- Raise the new minimum benefit for Social Security to 120 percent of the poverty line, preventing seniors from being able to retire into poverty.
- Change the formula for calculating the Cost of Living Adjustment (COLA) to better reflect the actual expenses seniors face.
- Ensure millionaires and billionaires continue to pay into the Social Security Trust Fund at the same rate as everyone else.
Later this month, Reps. Thompson and Larson will hold a series of Town Hall Meetings in California’s Fifth Congressional District to discuss this proposal and hear from local seniors. Additional details to follow.