Horsford promotes Democratic bill to reform Social Security

The first meaningful reforms of Social Security since 1983 would increase benefits, reduce taxes for millions of Social Security beneficiaries, set new minimum benefit levels to protect low-income workers, and make the wealthy pay into the program at the same rate as everyone else.

The proposal would also gradually increase payroll taxes so that by 2043 workers and employers would each pay 7.4 percent instead of the current 6.2 percent.

U.S. Rep. Steven Horsford outlined what Democrats call the Social Security 2100 Act at a forum Tuesday afternoon at the Doolittle Senior Center. He was accompanied by fellow Democratic Rep. John Larson, chairman of a House Ways and Means subcommittee on Social Security and the primary sponsor of the legislation. The bill is co-sponsored by more than 200 House Democrats.

The conversation comes as recent reports that Social Security is solvent through 2035. “After that, benefits drop to 80 percent,” said Horsford, who serves with Larson on Ways and Means. “We can’t have that.”

Read more: https://www.nevadacurrent.com/2019/04/24/horsford-promotes-democratic-bill-to-reform-social-security/