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☆ 'Nobody's getting wealthy on Social Security,' lawmaker says. The November election may influence the program's future
▼ + stars: | 2024-04-27 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Protect Social Security!" In 1983, when the last major Social Security reforms were enacted, there were no benefit enhancements, Larson argued. Today, annual earnings of up to $168,600 are subject to a 6.2% payroll tax toward Social Security paid by both workers and employers. Larson's plan also calls for closing loopholes that allow wealthy taxpayers to avoid paying Social Security taxes on other income. Larson said the public is well aware that Social Security benefits are theirs and they've paid for them.

Persons: Kean, Dave Kotinsky, Larson, they've, John Larson, Conn, Mark Wilson, Nancy Altman, Drew Ferguson, Ferguson, Jodey Arrington, Charles Blahous, Blahous Organizations: Getty, hasn't, Social Security, Security, Social, Capitol, Democratic, Republican, Republican House, Republicans, George Mason University Locations: Bridgewater , New Jersey, Jan, Georgia, Texas

☆ Here’s why Social Security and Medicare advocates fear Mike Johnson’s speakership
▼ + stars: | 2023-11-05 | by ( Manav Tanneeru | Tami Luhby | ) edition.cnn.com time to read: +6 min

Here’s what’s not up for debate: Social Security and Medicare are in financial trouble, and the nation’s debt is on an unsustainable trajectory. Spending on Social Security and Medicare is projected to soar as the nation ages, putting more pressure on Congress to address the programs. Advocates’ concernsAdvocates, however, argue that lawmakers can hide behind the debt commission and avoid taking individual blame for agreeing to benefit cuts. “The new speaker has made it clear he’s not a friend to seniors, Social Security or Medicare,” said Max Richtman, CEO of the National Committee to Preserve Social Security and Medicare. “So if you want to keep Social Security solid, you have to do all that stuff and a lot more.”This story has been updated with additional information.

Persons: Mike Johnson, shivers, Johnson, Here’s what’s, ”, That’ll, it’s, Max Richtman, “, Joe Biden, Biden, Charles Blahous, ” Blahous Organizations: CNN, Social Security, Republican, Medicare, Congressional, Office, American Enterprise Institute, National Committee, Preserve Social Security, George Mason University, Committee, RSC

But she isn’t certain that it will be enough, even with her Social Security benefits. Charles Blahous, a former Social Security trustee, said the annual COLA announcement is a reminder about the program's stressed finances. Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League, says her organization supports the Social Security Administration using whichever index is higher to best protect older people from inflation. The maximum amount of earnings subject to Social Security payroll taxes for 2023 is $160,200, up from $147,000 in 2022. There have been legislative proposals to shore up Social Security, but they have not made it past committee hearings.

Persons: Karla Abbott, she’s, Charles Blahous, Mary Johnson, Kevin McCarthy, Abbott, Alfred Mason, Mason, Jo Ann Jenkins, ” Johnson, “, ” Organizations: WASHINGTON, Social Security, Bureau of Labor Statistics, Senior Citizens League, Social Security Administration, Security, Social, AARP, Senior Citizens Locations: Sioux Falls , South Dakota, Washington, Louisiana

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