Social Security 2100 Act to increase basic benefits across-the-board

The widely supported Social Security 2100 Act would provide an across-the-board increase in basic benefits to recipients, including a guaranteed minimum 25 percent above the poverty line, enhanced cost-of-living allowance (COLA) and overall reduction in the taxation of benefits.

According to an article published by The Washington Post, “It’s paid for by a gradual increase in payroll taxes from the current level of 12.4 percent (split between workers and employers) to 14.8 percent, and by immediately applying Social Security taxes to wage income above $400,000 per year (while leaving wages untaxed between that level and the current maximum of $132,900).”

Learn more about this act and how it affects you by clicking here.