Social Security would see its first increase in 50 years if a bill co-sponsored by Alabama Congresswoman Terri Sewell becomes law.
The bill, Social Security 2100: A Sacred Trust, would provide a benefit increase by reworking the cost-of-living formula and providing benefits increases for those who care for a loved one. The bill would be 100 percent funded by an increase in payroll taxes on those who earn more than $400,000.
“As a proud member of the Ways and Means Social Security Subcommittee, I know that Social Security is a critical lifeline for so many hard-working Americans in Alabama’s 7th district and across this nation,” said Sewell. “We should not only protect it, but improve it and expand it. With this bill, Social Security 2100, we’re ensuring that every worker can retire with dignity after a lifetime of work.”
In addition to benefits increases, the bill would also set a hard floor for minimum benefits at 25 percent above the poverty level. It also protects against significant inflation and improves benefits for widowers.
“The pandemic has only underscored what we already knew and has exacerbated systemic inequities — current benefits are not enough,” said House Ways and Means Social Security Subcommittee Chairman John Larson. Larson is also the lead sponsor on the bill.
“Five million seniors are living in poverty due to longstanding discrimination in the labor force that affects mostly people of color and women,” Larson continued. “These are our mothers, fathers, aunts, uncles, and neighbors. For too long, Congress has forsaken its duty to enhance benefits. It’s time that we act now.”