Dem bill boosts Social Security

Statement

Around 3,000 people in the Marianas count on Social Security; and we all benefit from the $25 million Social Security adds to our economy. This week, along with 202 other Democrats in the House, I introduced the Social Security 2100 Act to improve Social Security by making the annual cost of living adjustment, or COLA, take account of prescription drugs and other expenses that retirees face. The bill also increases benefits for current and new beneficiaries and sets a new minimum benefit at 25 percent above the poverty line, so no one retires into poverty. Twelve million Social Security recipients who pay taxes on the money would get a tax break. And everything would be paid for by making those with earnings above $400,000 pay into the system. Currently, payroll taxes aren't collected on wages over $132,900. Americans everywhere pay into Social Security over a lifetime of work to fund their retirement, help if they become disabled, and provide for their survivors.

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