Legislation to EXPAND Social Security Benefits AND Give Seniors TAX BREAKS is Gaining Momentum!
• Increased Benefits for All Social Security Beneficiaries
• Larger, Guaranteed Cost-Of-Living Adjustments (COLAs)
• Tax Breaks for 11 Million Social Security Recipients
How would you like to hear some good news, for a change, about your future retirement benefits?
Since the Social Security 2100 Act / H.R.1902 was introduced in Congress, it now has 163 co-sponsors and it is gaining momentum. It calls for the wealthy to pay their fair share of income taxes so that current and future recipients know Social Security will be there for them well into the future—solid, strong, and uncompromised.
Also, the Social Security 2100 Act / H.R.1902 has more co-sponsors than any other previous proposals to expand Social Security. Our work in Congress has made a big difference!
Passing the Social Security 2100 Act is one way to finally STOP THE ATTACKS on our earned and promised benefits. This new legislation is the first of its kind that calls for the expansion of benefits to current and future Seniors and Retirees!
As you know for the fifth year in a row, the 60+ million beneficiaries who depend on their Social Security income had to settle for an historically low annual Cost of Living Adjustments (COLA). For the typical Senior or Retiree, last year’s COLA was only an increase of about $3 a month.
Meanwhile, Senior Americans saw their household budgets jump up substantially last year… despite our Social Security benefits not keeping pace with inflation. Housing UP! Healthcare UP! Groceries UP! Energy UP! Prescriptions UP!
But passing the Social Security 2100 Act would be a game changer. In fact, if it were passed, Seniors and Retirees would see:
• An across the board 2% increase for all Social Security beneficiaries beginning in 2018; it is estimated that the average beneficiary would be getting $300 more per year.
• An improvement in the annual cost of living adjustment (COLA) formula to better reflect the costs incurred by Seniors and Retirees through adopting a [consumer price index for the elderly or CPI-E] formula;
• A new Social Security minimum benefit that is set 25 percent ABOVE the poverty line and indexed to wages to ensure that the minimum benefit does not fall behind;
• Tax breaks for over 11 million Social Security beneficiaries; NO MORE taxing of our benefits!
• Millionaires and Billionaires paying the same rate as everyone else by applying the payroll tax to wages above $400,000 (currently payroll taxes are not collected on wages over $127,200)
What Seniors and Retirees across the nation are telling Congress (with this bill and the momentum behind it) is this, “Stop taxing my benefits and keep your hands off my Social Security!”
Until now, the so-called “experts” on Capitol Hill have told us that Social Security is going bankrupt and the only way to save it is by cutting benefits, raising the retirement age, and by means-testing (which is an under-handed, political way to deny Social Security benefits). Congress never looks at their out-of-control spending as harming Social Security!
President Trump has repeatedly said he didn’t want to cut Social Security. In fact, he said it was his intention to leave Social Security as it is. But some say that in 10-12 years Social Security will be unable to pay out the full benefits to Seniors and Retirees unless something is done to shore up the program.
Not knowing what will happen to Social Security is something that keeps me up at night, and I’m sure you have been anxious as to what will likely happen to our retirement income, especially since Congress just short-changed us and found a way to make our 2017 COLA a miserable 0.3% this year – only about $3 per month!
I’m worried that if nothing is done to improve Social Security, then it will only be a matter of time before we will have to accept smaller benefit checks.
Politicians would never describe one of their “reform” plans as a Social Security benefit cut.
They wouldn’t dare say that. They know as soon as they mention “benefit cuts” they will lose the support of a large and powerful voting block of Seniors and Retirees. But the “reform” proposals being discussed are exactly that — benefit cuts, like these:
• Raising the full Retirement Age from 67 to 69. Those under 62 today are targeted. This reform keeps Seniors from their benefits for an additional 2 years.
• The Social Security Administration to use the Chain-Weighted CPI (instead of the CPI-E) to determine our Social Security COLAs for 2018. This is the worst possible method for determining the proper cost of living adjustment, even worse than what was used this year. This reform keeps Seniors from getting their full and correct benefit amount.
• NO COLAs for Seniors and Retirees if their adjusted gross income exceeds $85,000 (single) or $170,000 (joint). This reform is what’s called “means testing” — it is designed to deny Seniors their earned and promised Social Security benefits because “they’re too well off.”
We cannot let Washington tell us if, when, and how much our earned and promised Social Security benefits will be cut. Nor can we let Social Security Trust Fund be vulnerable to greedy politicians looking to spend, spend, spend! WE MUST FIGHT BACK! We cannot afford to wait and see what happens… especially when the critical measures being discussed could have life-long, devastating effects on our income.
Senior Citizens and Retirees are a potent force when we raise our voices. It is too late for us to change the pathetic 2017 COLA we just got – as you know, it was about $3 per benefit check [this is how Washington cuts our benefits] but we have an historic opportunity to influence our Social Security benefits for years to come.