Summary of Bill HR 5723
Bill 117 hr 5723, also known as the Social Security 2100: A Sacred Trust Act, is a piece of legislation introduced in the US Congress aimed at ensuring the long-term sustainability of the Social Security program. The bill seeks to make several key changes to the program in order to address the projected shortfall in funding that is expected to occur in the coming years.
One of the main provisions of the bill is an increase in the payroll tax rate that funds Social Security. The bill proposes gradually increasing the payroll tax rate over a period of several years in order to ensure that the program remains fully funded for future generations. Additionally, the bill includes measures to increase the amount of income subject to the payroll tax, which would help to generate additional revenue for the program.
In addition to these revenue-raising measures, the bill also includes provisions aimed at improving the financial security of Social Security beneficiaries. This includes a change in the way that cost-of-living adjustments are calculated, as well as an increase in the minimum benefit that beneficiaries can receive. The bill also includes measures to strengthen the Social Security Disability Insurance program, ensuring that individuals with disabilities are able to access the benefits they need.
Overall, the Social Security 2100: A Sacred Trust Act is a comprehensive piece of legislation that seeks to address the long-term financial challenges facing the Social Security program. By increasing revenue and making targeted changes to the program, the bill aims to ensure that Social Security remains a vital source of support for retirees, individuals with disabilities, and other beneficiaries for years to come.
Congressional Summary of HR 5723
Social Security 2100: A Sacred Trust
This bill makes changes to Social Security benefits, taxes, and other aspects of the program, including by raising the primary insurance amount, increasing the maximum taxable earnings that are subject to Social Security payroll taxes, and requiring Social Security account statements to be mailed unless the individual recipient opts for electronic delivery.