House Democrats Introduce Social Security Reform Bill

A new bill that would significantly raise taxes on employees and employers could become the basis for Social Security reform in the next administration.  The Strengthening Social Security Act of 2016 (H.R. 5952) would phase out the cap on taxing income above $118,500, change the way Social Security benefits are indexed for inflation while boosting benefits, and make other technical changes to the program to improve the solvency of the Trust Fund.  By 2021, all W-2 wages would be subject to the 6.2 percent employer and employee payroll tax.  The bill, which would extend the life of the program's trust funds from 2034 to 2048, has 47 cosponsors in the House and is supported by the AFL-CIO, Social Security Works, and National Committee to Preserve Social Security and Medicare.