Democrats' bill protects Social Security, raises benefits

Statement

Congressman Gregorio Kilili Camacho Sablan and 202 other Democrats in the U.S. House of Representatives introduced the Social Security 2100 Act today. The bill increases Social Security's benefits, while making the retirement system strong throughout the 21st century.

"In the Marianas, some 3,000 individuals get monthly assistance from Social Security and the program adds $25 million to our economy each year," said Congressman Sablan. "With the Social Security 2100 Act, we can raise those benefits, but also strengthen the finances of Social Security so it lasts for generations to come."

The Social Security 2100 Act provides the following:

An across-the-board benefit increase for current and new beneficiaries.
An improved cost-of-living adjustment (COLA) that takes into account the true costs incurred by seniors.
A stronger minimum benefit, so someone who works their whole life does not retire into poverty. The new minimum benefit will be set at 25 percent above the poverty line and would be tied to wage levels to ensure that the minimum benefit does not fall behind.
A tax cut for over 12 million Social Security recipients. Presently, Social Security benefits are taxed if non-Social Security income exceeds $32,000 for couples. The threshold would be raised to $100,000.
Holding SSI and Medicaid beneficiaries harmless. Ensures that any increase in benefits from the bill do not result in a reduction in SSI benefits or loss of eligibility for Medicaid.
The bill pays for these improvements by making those with earnings above $400,000 pay into the system. Currently, payroll taxes aren't collected on wages over $132,900.

Social Security is the insurance program that Americans everywhere pay for over a lifetime of work. Social Security funds their retirement, helps if they become disabled, and provides for their survivors. Created during the presidency of Franklin Delano Roosevelt, Social Security is considered one of the most successful federal programs in American history.

Source