X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

Both Republicans and Democrats say they want to save Social Security, which is expected to deplete its reserves by 2034, but if Wednesday’s congressional hearing on the topic is any indication, they will have a hard time doing that.

Unlike the bipartisanship displayed in the House Ways and Means Committee’s unanimous passage of the SECURE Act, which makes changes to rules for private retirement plans, Wednesday’s Social Security subcommittee hearing on protecting and improving the program illustrated sharp differences between the two parties on how to accomplish that.

Democrats on the House Subcommittee on Social Security supported revenue increases included in the Social Security 2100 Act, sponsored by the subcommittee chairman, John Larson, D-Conn., including a gradual hike in the current payroll tax from 12.4 percent to 14.8 percent over the next 24 years and subjecting annual income above $400,000 to the tax. This would create a “donut hole” in which income between the payroll tax ceiling—currently $132,900—and $400,000 would not be subject to the tax.

Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.

Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical Treasury & Risk information including in-depth analysis of treasury and finance best practices, case studies with corporate innovators, informative newsletters, educational webcasts and videos, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM websites including PropertyCasualty360.com and Law.com.

Already have an account?

 

Treasury & Risk

Join Treasury & Risk

Don’t miss crucial treasury and finance news along with in-depth analysis and insights you need to make informed treasury decisions. Join Treasury & Risk now!

  • Free unlimited access to Treasury & Risk including case studies with corporate innovators, informative newsletters, educational webcasts, and resources from industry leaders.
  • Exclusive discounts on ALM and Treasury & Risk events.
  • Access to other award-winning ALM publications including PropertyCasualty360.com and Law.com.

Already have an account? Sign In Now
Join Treasury & Risk

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.