Analysts score the bill similarly, but financial effects vary dramatically.
A reporter called recently with a question about the impact of the Social Security 2100 Act, proposed by Rep. John Larson and others.
1. Uses the consumer-price index for the Elderly , which rises faster than the CPI-W, to adjust benefits for inflation. 3. Increases thresholds for taxation of benefits under the personal income tax, which would allow middle-class workers to keep more of their benefits.To pay for these benefit enhancements and, more important, to eliminate the 75-year deficit, the legislation increases income to the program in two significant ways:
2. Applies the payroll tax on earnings above $400,000 and on all earnings once the taxable maximum reaches $400,000, with a small offsetting benefit for these additional taxes.
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