Many Republicans and even some Democrats have been talking about cutting Social Security benefits by raising the retirement age or using a Chained CPI to reduce payments.
But Senator Tom Harkin (D-IA) set himself apart today by introducing a bill to do the opposite — increase benefits. Under Harkin’s bill, the benefits formula would be readjusted in a way that boosts benefits to beneficiaries by an average of $70 a month. In order to fund this increase and to maintain Social Security benefits for decades to come, Harkin would lift the Social Security payroll tax cap, ensuring that income aboveAi??$113,700 would be taxed as well.