Social Security 2100 Act seeks higher benefits, long-term program solvency

A sweeping Social Security reform bill reintroduced in the House of Representatives would boost benefits for millions of Americans, change how cost-of-living adjustments (COLAs) are calculated and impose new taxes on high earners to shore up program finances. The Social Security 2100 Act, H.R. 9519, was reintroduced by Rep. John Larson (D-Ct.) and referred to multiple House committees. Legislation aims to address a projected trust fund depletion in the fourth quarter of 2032, when incoming revenue would cover only about 78% of scheduled benefits unless Congress acts. The bill would increase the basic benefit formula by raising the first percentage used in benefit calculations from 90% to 93% — providing a modest across-the-board boost for beneficiaries from 2027 through 2036. “Although the Social Security 2100 Act is unlikely to pass in the current Congress, it should,” Shannon Benton, executive director of The Senior Citizens League, said in a statement. “The bill is the gold standard for Social Security reform and accomplishes the majority of changes older Americans want to see for the program. “The reality is that poverty is increasing rapidly among American seniors, who make up...