On Thursday, Rep. Sam Johnson, a Republican from Texas and chair of the Social Security subcommittee,
For most workers, the bill would cut Social Security benefits substantially. As Michael Linden, associate director for tax and budget policy at Center for American Progress, pointed out on Twitter, a letter from Social Security’s
Nearly every income bracket would see a reduction, save for the very bottom. People making around $12,280 in 2016 who have worked for 30 years would see an increase of around 20%. But young people making the same amount would be hit hard by the changes. If they had 14 years of work experience by 2016, they would see their benefits
The plan would also cut entirely cost of living adjustments (COLA) for retirees earning above $85,000.
If nothing happens, Social Security will start to lose its ability to pay benefits in full in the 2030s. However, Josh Marshall of Talking Points Memo
Democrats, expectedly, are not pleased with Johnson’s plan, preferring strategies like increasing taxes above the Social Security cap—billionaires pay the same amount as someone making less than $118,000—or raising the Social Security tax itself. There has, however, been a
Correction 12/10: An earlier version of this article stated Johnson was still the chair of the Ways and Means Committee. He is no longer acting chair.