Tonko proposes beefed up Social Security plan
U.S. Rep. Paul D. Tonko, D-Amsterdam, has proposed a bill that would increase benefits for current beneficiaries and claims to ensure the long-term stability of the program.
The legislation would change the way cost-of-living adjustments are calculated and would extend the life of the trust fund phasing out the current taxable cap of $113,700.
“Social Security is a pledge to hard working Americans that they will retire with the dignity they deserve,” Tonko said in a statement. “Congress has the responsibility to guarantee American citizens that this program will remain strong for future generations by focusing on initiatives that will keep it solvent for decades to come, while ensuring benefits keep up with the cost of living.”
A copy of the bill, which is the companion to Senator Tom Harkin’s legislation, is available below.
According to Tonko's release, his proposal would preserve Social Security until at least 2049.
The proposal is supported by Social Security Works, Strengthen Social Security Campaign, AFL-CIO, AFSCME, Campaign for Community Change, Paralyzed Veterans of America, UAW, The ARC, Alliance for Retired Americans, National Education Association, United Steelworkers, and Senior Citizens League.
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