gracielle
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You may be correct re: successfully obtaining majority approval for the $200 monthly increase in the SS check. The proposed legislation is already encountering resistance from Republicans on the Hill.
In my opinion, this is the part that is vital and must be included in the negotiation talks.
16 June 2022
Social Security bill would give seniors an extra $2,400 a year. Here's how it would work.
Some lawmakers want to revise the retirement program to shore up its funding and boost benefits for its 69 million recipients.
www.cbsnews.com
The bill would increase the Social Security payroll tax on higher-income workers. Currently, workers pay the Social Security tax on their first $147,000 of earnings. To be sure, most Americans earn less than that. But higher-income workers who make more than $147,000 annually don't pay the Social Security tax on any earnings above that level.
Under the bill, the payroll tax would kick in again for people earning above $250,000. Only the top 7% of earners would see their taxes go up as a result, according to DeFazio. However, there's one quirk about this arrangement: It would create a "donut hole" in which earnings between $147,000 and $250,000 would not be subject to the payroll tax, Shedden noted.
The bill would also extend the Social Security payroll tax to investment and business income, an issue that could face resistance. "I'm leery about that," Shedden said. "Social Security was set up to be based on contributions on earned income, and this mixes up the basket of earned and unearned income." ....the Congressional Research Service said in a 2021 report that "raising or eliminating the cap on wages that are subject to taxes could reduce the long-range deficit in the Social Security trust funds."
