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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

WASHINGTON (AP) — Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost and reflecting moderating consumer prices. About 71 million people — including retirees, disabled people and children — receive Social Security benefits. The maximum amount of earnings subject to Social Security payroll taxes will be $168,600 for 2024, up from $160,200 for 2023. There have been legislative proposals to shore up Social Security, but they have not made it past committee hearings. A March poll by The Associated Press-NORC Center for Public Affairs Research found that most U.S. adults are opposed to proposals that would cut into Medicare or Social Security benefits, and 79% of people polled said they oppose reducing the size of Social Security benefits.

Persons: ”, Kilolo Kijakazi, —, Jo Ann Jenkins, “, Nancy Altman, Kevin McCarthy, Alfred Mason, Mason Organizations: WASHINGTON, Social, Social Security Administration, AARP, Social Security, Security, The Associated Press, NORC, for Public Affairs Research, Bureau of Labor Statistics ’, CPI Locations: Louisiana

☆ Here's what will happen to Social Security payments and SNAP if the government shuts down
▼ + stars: | 2023-09-26 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +5 min

A shutdown could risk Social Security payments and SNAP benefits. But with House Republicans in disarray , that seems unlikely to happen before the weekend deadline. But even if the Senate agrees on that measure, House Republicans continue to be at odds. Speaker of the House Kevin McCarthy told Punchbowl News on Tuesday that he wouldn't engage in "hypotheticals" when it comes to a clean Senate funding bill. AdvertisementAdvertisementStill, the Biden administration is continuing to place the blame on House Republicans for bringing the US to the brink of a government shutdown once again.

Persons: —, Nancy Altman, Biden, Tom Vilsack, Vilsack, that's, Chuck Schumer, Mitch McConnell, Kevin McCarthy, Jeff Stein, McCarthy, Gofyc437z6 —, I'm Organizations: SNAP, Service, Republicans, Social, Social Security, CNN, Women, Assistance, WIC, USDA, Management, Budget, Punchbowl News, Conservative, Washington, Representatives Locations: America

☆ Republicans and Democrats agree Social Security reform needs to happen. But they're divided on how
▼ + stars: | 2023-06-27 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Advocates for a bipartisan commission argue the approach may help smooth out the differences between the parties. But whether a bipartisan commission is the answer to Social Security's funding woes is the subject of fierce debate. Social Security benefit cuts unpopular, poll showszimmytws | iStock | Getty ImagesA new poll from Social Security Works and Data for Progress of 1,191 likely voters highlights one big concern about that approach — that it would require benefit cuts. 'It has to be done in a bipartisan way'Any changes to Social Security will require bipartisan agreement. "You don't want Social Security to become a partisan issue," said Bill Hoagland, senior vice president at the Bipartisan Policy Center.

Persons: Tom Cole, Jake LaTurner, Cole, Danielle Deiseroth, Nancy Altman, Altman, Bill Hoagland, Hoagland Organizations: Istock, Getty, Social Security Commission, Democrats, Social Security, iStock, Progress, actuaries, Greenspan, Center Locations: Kansas

☆ Column: The new US Social Security forecast: what it means for retirees
▼ + stars: | 2023-04-04 | by ( Mark Miller | ) www.reuters.com time to read: +6 min

But if the headlines stemming from the annual report of the Social Security trustees jangled you, take a deep breath. The report, released on March 31, forecasts that the Social Security retirement trust fund reserves will be depleted in 2033. What does the new Social Security forecast mean for current and future retirees? But the trust fund also can accumulate balances when Social Security runs surpluses, as has been the case for the last several decades. A: Social Security collects FICA contributions only up to a certain level of wages - $160,200 this year.

☆ 'That's a lie' accusation obscures bipartisan Social Security reform talks -sources
▼ + stars: | 2023-03-17 | by ( Richard Cowan | ) www.reuters.com time to read: +4 min

When Yellen responded that Biden "stands ready to work" with lawmakers, Cassidy shot back, "That's a lie because when a bipartisan group of senators has repeatedly requested to meet with him about Social (Security) ... we have not heard anything on our requests." For several months now, Cassidy and independent Senator Angus King, who caucuses with Democrats, have tried to address Social Security underfunding as approximately 10,000 baby boomers retire every day. The last week of bank failures and worries of a wider-ranging crisis, however, could give lawmakers second thoughts about investing Social Security funds in stocks. The senators' effort is not the only Social Security rescue plan being devised. "That's really just a way to have (benefit) cuts without leaving your fingerprints on it," said Nancy Altman, president of Social Security Works and head of a coalition of labor unions and other liberal-leaning groups.

☆ 'That's a lie' accusation obscures bipartisan Social Security reform talks, sources say
▼ + stars: | 2023-03-17 | by ( Richard Cowan | ) www.reuters.com time to read: +4 min

For several months now, Cassidy and independent Senator Angus King, who caucuses with Democrats, have tried to address Social Security underfunding as approximately 10,000 baby boomers retire every day. The last week of bank failures and worries of a wider-ranging crisis, however, could give lawmakers second thoughts about investing Social Security funds in stocks. The senators' effort is not the only Social Security rescue plan being devised. I tend to be conservative and say this worked once, let's try that again," Republican Representative Tom Cole told Reuters. "That's really just a way to have (benefit) cuts without leaving your fingerprints on it," said Nancy Altman, president of Social Security Works and head of a coalition of labor unions and other liberal-leaning groups.

☆ As Biden vows to 'protect' Social Security, here's what we know about the future of benefits
▼ + stars: | 2022-09-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

"I want to save Social Security, Medicare and Veterans benefits." A spokeswoman for Scott pointed to a recent interview where he said his plan would help make sure people get their Social Security benefits. Specific plans from both parties are needed to secure the future of both Social Security and Medicare, she said. Due to high inflation, estimates show the Social Security cost-of-living adjustment is poised to be the highest in decades, according to The Senior Citizens League. One more month of consumer price index data will come in before the official bump for next year is announced by the Social Security Administration.

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