Senator Mark Begich has reintroduced a social security bill this week while a companion bill was introduced in the House of Representatives by Rep. Ted Deutch. Both bills would extend the solvency of Social Security since it would require higher income families to pay social security all year. The formula for cost of living would also get adjusted in a way that reflects the needs of seniors and those who have disabilities. This bill also lifts the cap on High Income Contributions. Currently the cap is based on an income of 113,700 and any income after this amount does not pay into the program.
This bill was introduced just weeks after a report was released that found both democrats and republicans support lifting the cap on social security contributions. This is good news for the Security Program especially after the comments made by Michael J. Astrue earlier in the week.