'The largest group of House Republicans just released a budget that calls for massive tax cuts for the super-rich and raising the Social Security retirement age, a benefit cut for millions of Americans,' said RepDonBeyer
"These changes would transform Social Security from an earned insurance benefit, which replaces wages lost in the event of old age, disability, or death, into a subsistence-level welfare benefit," said Altman, who noted that the RSC "rules out any options for raising revenue, such as requiring billionaires to contribute even a penny more."
Currently, just the first $160,200 of wage earnings are subject to Social Security's payroll tax, allowing the rich toThe GOP's refusal to force the wealthy to put more of their income into the program "leaves benefit cuts as the only 'solution,'" said Altman. "In other words, they want to cut benefits now to avoid cutting them later, which isn't a solution at all. Indeed, the budget will increase the number of workers who will have no ability to retire while maintaining their standard of living," she added. "The RSC plan would make it especially hard for Americans so disabled that they can no longer work to claim their earned Social Security, and far easier for the government to take those benefits away.
Far from raising taxes on the rich, the RSC budget calls for massive tax cuts by proposing a permanent extension of the individual tax provisions of the 2017 Trump-GOP tax law. The Congressional Budget Office has"The largest group of House Republicans just released a budget that calls for massive tax cuts for the super-rich and raising the Social Security retirement age, a benefit cut for millions of Americans," Rep.
;“The largest group of House Republicans just released a budget that calls for massive tax cuts for the super-rich and raising the Social Security retirement age, a benefit cut for millions of Americans:;”
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
The Social Security COLA for 2024 could be 2.7%, down from 8.7%As the yearly rate of inflation has marked the lowest level since March 2021, Social Security recipients could get a modest raise next year.
Leer más »
Social Security update: COLA forecast for 2024 shrinks to under 3% in latest predictionThe latest forecast for the Social Security Administration's annual cost of living adjustment, or COLA, has put the 2024 projection at less than 3% based on the May 2023 consumer price index report, released Tuesday.
Leer más »
Social Security's cost-of-living increase could come in below 3% as inflation coolsThe Senior Citizens League now estimates that the Social Security cost-of-living adjustment, or COLA, for 2024 could be 2.7% based on inflation data released that showed consumer prices in May rose at the slowest pace since April 2021.
Leer más »
Social Security recipients are on track to receive the smallest COLA increase since the pandemic beganIn a quirk of the calendar, Social Security beneficiaries are likely to miss out on another large improvement to their buying power in 2024, one year after seeing the largest annual cost-of-living adjustment in four decades.
Leer más »
Republicans push McCarthy to address Social Security, Medicare in the spending fightThe largest faction of House GOP lawmakers is pushing Speaker Kevin McCarthy to use the upcoming government spending fight to shore up Social Security and Medicare.
Leer más »
White House slams Tuberville hold on military nominations as ‘threat to national security’The Biden administration publicly commented Sen. Tuberville's strategy today. “What the senator is doing by holding these nominations, it’s a threat to our national security. Period. That’s what he’s doing,” press secretary Karine Jean-Pierre said.
Leer más »