Social Security Guarantee Act of 2023

The Social Security Guarantee Act of 2023, also known as Bill 118 hr 521, is a piece of legislation introduced in the US Congress aimed at ensuring the long-term solvency of the Social Security program. The bill proposes several measures to strengthen the program and guarantee benefits for current and future beneficiaries.

One key provision of the bill is the adjustment of the payroll tax rate to ensure that there is enough funding to sustain Social Security benefits. The bill also includes provisions to increase the retirement age gradually over time, in order to align with increasing life expectancies and ensure the program remains financially stable.

Additionally, the bill includes measures to combat fraud and abuse within the Social Security system, such as increasing penalties for individuals who attempt to defraud the program. The bill also aims to improve the efficiency of the Social Security Administration by implementing new technologies and streamlining processes. Overall, the Social Security Guarantee Act of 2023 seeks to address the long-term financial challenges facing the Social Security program and ensure that it remains a reliable source of income for retirees and individuals with disabilities. The bill has garnered bipartisan support in Congress and is currently under review in committee.