Tags: GOP | lawmaker | legislation | shore up | social security

GOP Lawmaker Introduces Bill to Shore Up Social Security's Finances

Image: GOP Lawmaker Introduces Bill to Shore Up Social Security's Finances

Rep. Sam Johnson. (AP)

By    |   Friday, 09 Dec 2016 08:50 AM

Rep. Sam Johnson introduced a bill Thursday to sustain Social Security funds and increase benefits for low-income workers without a tax increase, according to the Washington Examiner.

Johnson, a Texas Republican and chairman of the Social Security subcommittee, said his bill is the "start of a fact-based conversation" about improving the program's finances.

The Examiner notes his plan reduces the program's costs by changing the inflation metric and cutting out cost of living adjustments for people who earn more and would gradually increase retirement age from 67 to 69 for people who today are younger than 49.

Social Security's trust funds for retirement and disability payments are projected to run out by 2034 if Congress doesn't take action, according to a Social Security trustees report.

A bipartisan group also has a plan regarding the Social Security program. Their bill, introduced this summer by outgoing Republican Rep. Reid Ribble, would help Social Security by increasing payroll taxes, the Examiner reported in July.

Incoming president Donald Trump has said he is uninterested in broadly revamping the program. In a speech in June 2015, he said,

"Get rid of the fraud, get rid of the waste and abuse, but save it," Trump said in June 2015, according to the Boston Business Journal. "People have been playing in for years."

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Rep. Sam Johnson introduced a bill Thursday to sustain Social Security funds and increase benefits for low-income workers without a tax increase, according to the Washington Examiner.
GOP, lawmaker, legislation, shore up, social security
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2016-50-09
Friday, 09 Dec 2016 08:50 AM
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