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☆ As Social Security faces looming fund depletion, there's fierce debate over whether a commission can help
▼ + stars: | 2024-06-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +9 min

"A vote for a commission is a vote to cut Social Security," the man shouted before he was escorted off the floor. How the last major reforms, in 1983, came togetherPresident Ronald Reagan signs the Social Security Act Amendment into law on April 20, 1983. The changes involved taxes on Social Security benefits, increases to payroll tax rates, a future increase to the retirement age and a near-term postponement of cost-of-living adjustments. Social Security Commission Chairman Alan Greenspan, left, shakes hands with Sen. Charles Grassley, R-Iowa, prior to a Social Security hearing on Feb. 15, 1983. Lawmakers divided on best path forwardToday, lawmakers are divided on the best path forward to address Social Security.

Persons: —, Scott Peters, Peters, Bill Huizenga, Joe Manchin, Mitt Romney, — Rep, John Larson, Connecticut —, It's, " Larson, Larson, Nancy Altman, Ronald Reagan, Alan Greenspan, Greenspan, Jim Baker, Reagan, Tip O'Neill, Robert M, Ball, O'Neill, Sen, Charles Grassley, Bob Dole, John Danforth, Altman, Bruce D, Schobel, Elizabeth Warren, Bernie Sanders, California —, they're, Hakeem Jeffries, Conn, Brian Higgins, Jimmy Gomez, Jeffries, Dan Kildee, Richard Neal, Tom Williams Organizations: iStock, Social, Social Security, AARP, CNBC, Rep, Democratic, Corbis, National Commission, Social Security Reform, Greenspan, Federal Reserve, House, White, Finance, Economic Policy Institute, Republican, Greenspan Commission, Senate Finance, Bettmann, Getty, Congress, Democratic House, White House, Democrats, Security, Capitol Visitor Center, CQ, Inc Locations: Sens, R, Utah, Connecticut, Massachusetts, Iowa, California, D

☆ '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

☆ Biden called for protecting Social Security, Medicare in last year’s State of the Union. Now advocates hope for action
▼ + stars: | 2024-03-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

His bill — Social Security 2100 Act — would include a 2% across-the-board benefit increase, as well as more generous benefits for low-income seniors, and other enhancements. Those benefit boosts would be paid for by making it so earnings over $400,000 are subject to Social Security payroll taxes. Larson's Social Security proposal currently has almost 200 House co-sponsors, with companion legislation in the Senate. watch now"The fact that there hasn't been votes on something as critically important to 70 million Americans as Social Security is … why isn't there a vote?" At the time, there was a question as to whether to focus on Social Security instead.

Persons: Joe Biden, John Larson, Conn, Drew Angerer, hasn't, Larson, Barack Obama, — Larson, Elizabeth Warren, Bernie Sanders Organizations: Capitol, Getty, Democratic, Social, Security, Social Security, CNBC, D.C, Affordable, Republicans Locations: Washington, Larson's, U.S, Sens

ST. PAUL, Minn. (AP) — A library book that is more than a century overdue was finally returned in St. Paul, Minnesota. Titled “Famous Composers” and featuring the likes of Bach and Mozart, the tome turned up while someone was sorting through a relative’s belongings. The St. Paul Public Library checkout slip shows it was last borrowed in 1919, Minnesota Public Radio reports. St. Paul Mayor Melvin Carter joked in a tweet on Saturday that there would be no fine. Political Cartoons View All 1256 ImagesLarson said in his 25 years working for the library it was the oldest book he ever saw returned.

Persons: ”, Bach, Mozart, Paul Mayor Melvin Carter, John Larson, Paul, Larson, “ There’s Organizations: PAUL, Paul Public, Minnesota Public Radio Locations: St, Paul , Minnesota

☆ 4 Social Security benefit changes may help people who can't work until full retirement age, report finds
▼ + stars: | 2023-11-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

That includes four Social Security benefit changes that may help this vulnerable population as they age, according to the task force. Create a bridge benefitA bridge Social Security benefit could help workers who cannot work until their full retirement age, but who are unable to claim Social Security disability benefits. The bridge benefit would start from age 62, when claimants are first eligible for retirement benefits, and last until age 67, or full retirement age. Claimants would receive half the difference between what they would receive at full retirement age versus age 62. Change the earnings testPeople who claim Social Security retirement benefits before their full retirement age and who continue to work may be subject to an earnings test.

Persons: Turner, Joel Eskovitz, Vallas, John Larson, Conn Organizations: Getty Images Workers, Social, Social Security, AARP, Institute, National Academy of Social

☆ Social Security benefits may be cut by at least 20% in the next decade. Here's how Congress may fix that
▼ + stars: | 2023-09-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Republican Sen. Bill Cassidy of Louisiana speaks to the press on Capitol Hill on Feb. 10, 2021. Meanwhile, Larson has put forward a bill, Social Security 2100, in four sessions of Congress to make benefits more generous. Cassidy wants to create a new Social Security fund by raising $1.5 trillion that would be invested in the stock market. Any changes to Social Security would require 60 votes in the Senate, and therefore would have to have agreement on from both parties. Rep. John Larson, D-Conn., speaks during an event to introduce legislation called the Social Security 2100 Act.

Persons: Republican Sen, Bill Cassidy of, John Larson, Connecticut —, Biden, Cassidy, Bill Cassidy, Nicholas Kamm, Florida Republican Sen, Rick Scott, Larson, Conn, Mark Wilson Organizations: Istock, Getty, Social Security, Republican, Democratic Rep, Capitol, AFP, Florida Republican, Social, House Democrats, Security, Senate Locations: Bill Cassidy of Louisiana, Louisiana, Florida, Jan

☆ Student-loan borrowers risk losing Social Security benefits if they fall behind on payments. Democrats want to make sure that doesn't happen when repayment starts back up next month.
▼ + stars: | 2023-09-14 | by ( Ayelet Sheffey | Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Student-loan borrowers who miss payments risk having their Social Security benefits garnished. "It's past time Congress protects seniors and the Social Security benefits they have earned with every paycheck." Those Social Security recipients are at risk of seeing around $2,300 in benefits garnished every year if they go into default. On October 1, millions of federal student-loan borrowers will once again be footing an extra monthly bill. "For many, Social Security benefits are the only source of income they can depend on and it's time we restore that certainty for seniors."

Persons: that's, Raúl Grijalva, John Larson, Ron Wyden, Wyden, they're, she's, Grijalva Organizations: Social, Service, Social Security, Center for Retirement Research, Retirement Research, Education Department, eBay, Seniors Locations: Wall, Silicon

☆ House Democrats, looking to renew plan to expand Social Security, say debt ceiling fight 'hurts seniors the most'
▼ + stars: | 2023-05-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Social Security already faces funding risksIn order to prevent a Social Security funding shortfall, congressional Democrats and Republicans must agree on a solution. The Social Security 2100 Act that was introduced in the last Congress had broad support among House Democrats. Changes in the Social Security 2100 Actzimmytws | iStock | Getty ImagesThe Social Security 2100 Act aims to extend the program's solvency, though estimates are not yet available for how long it could prolong the program's funding. Social Security 2100 also calls for adding an additional 12.4% net investment income tax for taxpayers making more than $400,000. Max Richtman president and CEO of the National Committee to Preserve Social Security and Medicare

☆ '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.

☆ House, Senate to renew fight pitting child tax credit vs. corporate cash
▼ + stars: | 2023-02-15 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +9 min

The fate of that corporate tax policy, supported by many Democrats, had been linked to the Democratic Party's desire for a deal on the child tax credit . But House and Senate members are getting ready to reintroduce legislation on the R&D tax credit. Indexing the child tax credit to inflation would also be a matter of tax policy that both parties might agree on as a way to enshrine future increases in law. But there's still the divide on the corporate tax priorities and child tax credit, and at a basic level, getting a bipartisan tax bill through the House and Senate and to the White House is always challenging. Many companies were surprised that the R&D tax credit did not get extended in the late year legislative package because it had so much bipartisan support.

☆ LeBron James Fans Spent Big to See Him Make History on Thursday. They Picked the Wrong Game.
▼ + stars: | 2023-02-08 | by ( Alyssa Lukpat | Jennifer Calfas | ) www.wsj.com time to read: 1 min

John Larson lives in Utah, but he really wanted to be in Los Angeles to watch LeBron James make history. Mr. Larson, 54 years old, and his 24-year-old son, Adam, had studied Mr. James’s stats and took a gamble that this week the NBA star would break the league’s all-time scoring record.

☆ State of the Union brings brief unanimity on Social Security, Medicare. Why experts say there's still reason to worry
▼ + stars: | 2023-02-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

That would include Social Security and Medicare. The Republican Study Budget Committee, which included a host of House GOP leaders, has also suggested other changes — raising the retirement ages for both Social Security and Medicare, as well as changing the measurement for annual Social Security cost-of-living adjustments. More recently, former Vice President Mike Pence called for reforming Social Security with the creation of private savings accounts. Rep. John Larson, D-Conn., has led a House bill that would apply reapply payroll taxes on $400,000 in earnings while also making benefits more generous. Biden similarly proposed expanding benefits and increasing payroll taxes on high earners during his presidential campaign.

☆ This Social Security change would be ‘easiest and quickest,’ Manchin says. What debt ceiling negotiations may mean for benefits
▼ + stars: | 2023-01-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

But that should not include cuts to Social Security and Medicare benefits, he said. "I've got 60% of my population that that's all they have is Medicare and Social Security," Manchin told NBC's "Meet the Press" on Sunday. How raising payroll tax cap could aid Social SecurityIn 2023, wages up to $160,200 are subject to a 6.2% tax for employees and employers that goes to Social Security. Other Democrats have also proposed raising payroll taxes to help shore up Social Security. More from Personal Finance:What the U.S. debt ceiling could mean for Social Security and MedicareApproaching 62?

☆ ‘The Lie Detector’ Review: The Truth About the Polygraph
▼ + stars: | 2022-12-30 | by ( John Anderson | ) www.wsj.com time to read: +1 min

But he was also among the first to debunk it. Others were not so scrupulous, according to this “American Experience” presentation, which pegs the phenomenon of the polygraph (once a brand name, now generic) as particularly American. “The lie detector persists, even though we understand it’s not necessarily accurate, because of the uniquely American confidence in technology,” says historian Douglas Flowe . The device, he says, provides “in our imagination” control over that which can’t be controlled, thus providing an illusion of certainty. “Americans are looking for certainty.”

☆ Forget the culture wars: Democrats and Republicans are focusing their midterm-election closing arguments on Medicare and Social Security
▼ + stars: | 2022-11-03 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

Democrats are challenging that by framing themselves as defenders of Medicare and Social Security. Since relief on sky-high inflation or the housing crisis isn't imminent, Democrats have turned to Republican plans to privatize and make cuts to Social Security and Medicare. In a speech at the Democratic National Committee last week, Biden used the phrase "Social Security and Medicare" 11 times while countering Republicans' rhetoric around reforming both programs. Republicans' proposed budget points to cuts, but they're denying that's the planRepublicans have said Democrats are misrepresenting their comments on Social Security and Medicare. Arrington has repeatedly introduced legislation that would prevent people from receiving both Social Security disability benefits and Social Security unemployment benefits at the same time — called "double dipping" by critics.

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