The Chief Actuary of the Social Security Administration released its findings of the positive impact legislation introduced by Congressman Charlie Crist (D-St. Petersburg) would have on the Social Security Trust Fund. This evaluation, requested by Crist, found that the Save Social Security Act of 2017 (H.R. 1631) would extend Social Security's solvency by 30 years, keeping the program on firm financial footing through 2064. At that point, the legislation would also close 2/3 of the remaining gap allowing the program to still pay 90 percent of benefits. Click here to view the Chief Actuary's assessment.
In addition, the Save Social Security Act eliminates taxes on Social Security benefits for those making less than $100,000 a year and 'scraps the cap' on income above $300,000 per year, a fairer way to extend the life of the program. Crist filed the bill in March, his first as a member of Congress. Click here to read more about the Save Social Security Act in Crist's column published by the Tampa Bay Times.
"Social Security is a contract the federal government made with Americans 82 years ago next week – if you work hard and pay into the system, it will be there for you in your golden years," said Crist. "I'm proud that our bill helps bolster Social Security benefits for the 170,000 seniors I'm honored to represent in Pinellas County, keeping the program strong for future generations."
Key Features of the Save Social Security Act:
Tax Cut for Middle Class Seniors
Ends the double taxation of Social Security benefits for most seniors, by increasing the threshold below which your Social Security benefits would not be taxed to $100,000 in annual income.
Currently, seniors in the lowest 25 percent of the income tax bracket don’t pay taxes on their earned Social Security benefits. This bill would also eliminate taxation for the middle 50 percent of the tax bracket, leaving in place taxation for only the top 25 percent of high income seniors.
'Scrap the Cap'
Currently, every worker in the U.S. pays into Social Security on up to $127,200 in annual income. The Crist proposal would continue this payroll tax also for every dollar earned above $300,000 per year, scrapping this so-called “cap” benefiting wealthier Americans.
Scrapping the cap would extend the life of the Social Security Trust Fund, currently solvent only for the next 17 years, for another 30 years, keeping the program solvent through 2064.
Scrapping the cap brings in more revenue than is spent on the tax cut.