6 new Social Security changes already in Congress

There has been a lot of news this year social Security These are difficult times for the federal agency, especially in the past months when the SSA has faced strong criticism from beneficiaries over its overpayment tactics. Nancy Altman, president of Social Security Works, recently said Social Security is on the ballot. She believes that if President Biden is re-elected, there will be progress toward reducing the Social Security deficit.

However, the next budget will see little development Trump GovernmentAccording to Altman, the Democratic Party supports increasing benefits without cutting them and returning Social Security to long-term actuarial equilibrium. Democrats have introduced several bills; the two most prominent of these are the Social Security 2100 Act and the Social Security Extension Act. Meanwhile, Republicans can vote against a bill that increases Social Security’s specified funding, but they cannot support it because it is popular among their citizens but unpopular among their billionaire supporters.

The bill would pass in the House with or without his support, but it would be filibustered in the Senate, making it unlikely to become law next year. However, a bill to restore Social Security’s balance by raising specified revenues could become law in 2027. Trump and his fellow Republicans oppose all of those. increase revenueThat would only result in a reduction in profits, which could lead to automatic deductions.

6 New Social Security Changes to Save Social Security

Although few policy analysts expect significant changes to Social Security before or immediately after the November elections, some ideas have been floated, such as investing trust fund assets, eliminating election-related tax incentives, and changing other Social Security policies. 401(k) Plansand using upcoming revenue savings to support the program. The Republican Study Committee – which is comprised of nearly 80% of House Republicans – called for tying the Social Security eligibility age to life expectancy in its fiscal 2025 budget proposal in late March. Please read below the 6 new Social Security changes that are already in Congress:

Fiscal Commission Act 2023

In mid-January, the House Budget Committee passed legislation to create a fiscal commission to handle the national debt and make “fast track” reforms to Social Security, including potential cuts. The bill was sent to the House with 26 cosponsors. The legislation was introduced in September 2023 and is sponsored by Reps. Bill Huizenga and Reps. Bill Huizenga, R-Mich.

The “You Earned It, You Keep It” Act

The bill, introduced Jan. 26 and co-sponsored by 11 Democrats, repeals federal taxation on Social Security benefits beginning in 2025, allowing the Social Security Administration to continue making timely and full payments until 2054, 20 years longer than the current estimate of 2034, according to an analysis by the Chief Actuary’s Office.

House Budget Committee Fiscal Year 2025

The bill establishes a bipartisan fiscal commission to “expedite” potential reforms to Social Security and other entitlement programs. The Budget Committee approved the measure in early March. In addition, the Republican budget mentions of the House Budget Committee On January 18, voted to advance HR 5779, the Fiscal Commission Act of 2023, which would establish a fiscal commission to handle the national debt.

An Act to Boost Benefits and COLAs for Senior Citizens

The bill, introduced March 19 and co-sponsored by five lawmakers, would require the Social Security Administration to modify benefits for Americans age 62 and older based on the Consumer Price Index (CPI).

Social Security Overpayment Fairness Act

The bill, which was introduced May 7 and headed to the House Ways and Means Committee, would give Social Security beneficiaries who received letters of overpayment 120 days to respond before refunds begin, up from the current 30 days.

Social Security and Medicare Protection Act

The measure, introduced on June 21, would require the Comptroller General of the United States to draft a plan to protect Social Security and Medicare benefits from the effects of inflation. The bill has been referred to the Ways and Means Committee and the Energy and Commerce Committee.