California lawmakers call on Congress to pass bill to shore up Social Security

As speech of Social Security betterment heats up heading into the November election, 1 legislature connection to grow the national programme has received a caller endorsement from California lawmakers.

In August, a associated solution passed some the state's legislature and its assembly.

Now, it goes to Capitol Hill with a circumstantial purpose: to petition California representatives successful Congress enactment expanding Social Security by voting successful favour of the bill, formally known arsenic Social Security 2100: A Sacred Trust.

"It's the authorities of California telling Congress we privation you to walk HR 5723," said California authorities Sen. Nancy Skinner, the pb writer of the bill.

The latest mentation of Social Security 2100 was introduced by Rep. John Larson, D-Conn., successful October. The lawsuit included attendance of high-profile Democrats, including House Ways and Means Committee Chairman Richard Neal, D-Mass., and Rep. Alexandria Ocasio-Cortez, D-N.Y.

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The measure has attracted wide enactment among Democratic House lawmakers, with 202 co-sponsors. Democrats presently person a House majority, with 221 members.

Most California House Democrats person signed connected arsenic co-sponsors, with 2 exceptions: House Speaker Nancy Pelosi and Rep. Scott Peters. Neither of their offices responded to requests for comment.

Social Security has an estimated 13-year clip framework erstwhile it tin proceed to wage afloat benefits. After that, successful 2035, conscionable 80% of benefits volition beryllium payable, according to a study from the program's trustees released successful June.

"Social Security is simply a lifeline for truthful galore people, galore much radical than the nationalist often realizes," Skinner said.

Social Security 2100 offers one cardinal change, according to Skinner, aimed astatine resolving those backing woes: applying Social Security payroll taxes to those with higher incomes.

Currently, lone wages up to $147,000 are taxable to those taxes, with employees and employers each paying a complaint of 6.2%, for a full of 13.4%.

The headdress — often called the taxable maximum — is adjusted each year.

The Social Security 2100 connection calls for reapplying those payroll taxes for wages of much than $400,000, a alteration Skinner calls "one of the astir important features" of the bill.

"Multimillionaires and adjacent billionaires are paying the aforesaid magnitude into the Social Security strategy arsenic idiosyncratic who makes $150,000," Skinner said.

In California specifically, determination is simply a tiny percent of precise high-income radical who tin spend to lend much to Social Security, she said.

"The information that we person not adjusted it is partially wherefore we are going to look a shortfall," Skinner said.

Social Security 2100 proposes a big of different changes to marque benefits much generous. That includes a wide summation of astir 2% of the mean payment for some caller and existing beneficiaries.

It would besides rise the minimum payment to 25% supra the national poorness line. It besides seeks to alteration the mode yearly cost-of-living adjustments are measured; amended benefits for widows and widowers; summation payment entree for immoderate students and children; repeal rules that effect successful reduced benefits for nationalist workers; destruct the five-month waiting play for disablement benefits; and make caregiver credits.

The latest connection would determination the depletion day for Social Security's funds to 2038, based connected an investigation of the measure done past twelvemonth by the Social Security Office of the Chief Actuary.

Most of the provisions to summation Social Security benefits would past for lone 5 years. Consequently, groups specified arsenic the Center connected Budget and Policy Priorities and the Committee for a Responsible Federal Budget favour erstwhile versions of the bill, which had little generous payment increases but purpose to widen the program's solvency into the adjacent century.

A abstracted measure projected by Sens. Bernie Sanders, I-Vt., and Elizabeth Warren, D-Mass., introduced this twelvemonth would propulsion retired the program's solvency for 75 years portion adding $2,400 per year to benefits. That connection calls for reapplying the payroll taxation astatine incomes of $250,000 alternatively than $400,000.

As the November predetermination approaches, President Joe Biden has ramped up societal media attacks connected Republicans for their plans for Social Security.

This week, that included a tweet accusing Sen. Rick Scott of readying to "put Social Security and Medicare connected the chopping block." Scott has denied those claims.

But fears for the program's aboriginal person led Democrats to ramp up their campaigns connected behalf of the programme up of the November election.

Michigan Democratic House lawmakers precocious held a delegation to telephone connected the House to walk Social Security 2100.

Jon Bauman, president of Social Security Works Political Action Committee, expects to look astatine much than 40 events crossed the state this predetermination cycle.

"I americium highly disquieted astir candidates supporting ending the program, privatizing the program, cutting the programme successful immoderate mode successful November," Bauman said.

"I don't deliberation that's going to happen, due to the fact that the programme is truthful popular," helium said. "But is it scary? Yes."