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In Dec. 2010, the Obama-convened Bowles-Simpson Commission issued its recommendations to make massive cuts in Social Security. Most Dems in Congress wouldn't speak against it.
Now a bill expanding Social Security has the support of over 200 House Dems: huffingtonpost.com/entry/john-lar…
Now a bill expanding Social Security has the support of over 200 House Dems: huffingtonpost.com/entry/john-lar…
Who is on John Larson's expand Social Security bill?
The usual progressive suspects but also Ways and Means Chair Richard Neal, Conor Lamb, Jahana Hayes, and Terri Sewell.
It could very well get the 218 votes needed to pass the House--an important milestone; still far from law.
The usual progressive suspects but also Ways and Means Chair Richard Neal, Conor Lamb, Jahana Hayes, and Terri Sewell.
It could very well get the 218 votes needed to pass the House--an important milestone; still far from law.
Attached is the complete list of co-sponsors. Other not-so-expected backers are Henry Cuellar, Seth Moulton, Cheri Bustos, Tom Suozzi, Jim Himes and Ed Case. 
The bill's goodies:
--A new minimum benefit at 125% of poverty
--A higher replacement rate for pre-retirement earnings (2% bump on avg.)
--Switch to elderly index fo COLA (0.2% bump)
--Reduce income taxes on Social Security benefits
--Social Security solvent for 75 years
--A new minimum benefit at 125% of poverty
--A higher replacement rate for pre-retirement earnings (2% bump on avg.)
--Switch to elderly index fo COLA (0.2% bump)
--Reduce income taxes on Social Security benefits
--Social Security solvent for 75 years
How it finances the changes:
--Subjecting income of $400k or more to FICA taxes (with modest benefit payout on those earnings)
--1.2-point payroll tax hike for employer and employee (2.4 points total), phased in over 24 years.
--Subjecting income of $400k or more to FICA taxes (with modest benefit payout on those earnings)
--1.2-point payroll tax hike for employer and employee (2.4 points total), phased in over 24 years.
The latter is a middle-class tax hike, which could be tough for Dems to swallow.
3 potential responses:
1) Due to gradual phase-in, tax hike is cost of a Starbucks coffee every 9 weeks.
2) What kind of insurance policy never has premium hikes?
3) It's for a cause voters trust.
3 potential responses:
1) Due to gradual phase-in, tax hike is cost of a Starbucks coffee every 9 weeks.
2) What kind of insurance policy never has premium hikes?
3) It's for a cause voters trust.
.@ConorLambPA: "People are OK taking a little bit of the burden on themselves as long as they understand we’re dedicating the money to Social Security."
He wants the Dem nominee to back the bill in 2020.
He wants the Dem nominee to back the bill in 2020.
For those who really want to geek out, here is the chief actuary of Social Security's scoring of Larson's bill: ssa.gov/oact/solvency/…
I usually skip to Tables A-B in the back, starting on page 14.
I usually skip to Tables A-B in the back, starting on page 14.
