Washington – Today Rep. Mike Thompson (CA-05) announced he coauthored the just-introduced Social Security 2100: A Sacred Trust Act. This legislation expands on the previous versions of the Social Security 2100 Act to better strengthen and protect the Social Security program.
“Social Security is the bedrock of retirement security for millions of seniors across our nation, ensuring they can retire with the dignity they deserve. In our district alone, 144,623 Social Security beneficiaries receive $218 million each month to help them continue their retirement and stay happy and healthy in old age. That money is then spent in our district, helping to boost our local economy,” said Thompson. “This is a program that we must absolutely protect, which is why I am proud to coauthor Congressman John Larson’s Social Security 2100: A Sacred Trust. This bill ensures the future of the Social Security program for generations and increases and expands benefits for beneficiaries across the board. We must pass this important bill to support our nation’s seniors.”
The Social Security 2100 Act increases and expands benefits, including improving the Cost of Living Adjustment (COLA), so it reflects the inflation actually experienced by seniors, improving benefits for long-serving, low-wage workers, improving benefits for widows and widowers from two-income households. The bill also provides a tax cut for middle-income beneficiaries, by raising the thresholds for taxation of Social Security benefits to $35,000 for single people and $50,000 for those who are married. The bill also permanently improves Social Security’s long-term financing, extending the trust fund reserve depletion date by four years and closing more than half of the program’s 75-year shortfall. You can click here to learn more.