gap would increase the number of years of earnings used to calculate Social Security benefits from 35 to 38 or even. PRO (chained consumer price index Social Security should use the most accurate price index for the cola to best protect benefits from being eroded by inflation. Experts predict that the annual cola would be on average.2 percentage points higher under this formula. One commonly mentioned goal would raise the cap to cover 90 percent of earnings, which in 2016 would mean a cap of about 274,200.
Larson, a Connecticut Democrat, also proposes changes to the payroll tax cap for very wealthy beneficiaries. ( Virginia Reno, National Academy of Social Insurance ) CON: Making newly hired workers join Social Security would increase revenue now, but eventually the program would have to pay these workers benefits. Editing by the Modern Day Living and The Evils of the Class System Matthew Lewis, our Standards: The Thomson Reuters Trust Principles. The rate hikes would begin in 2019, and by 2042, workers and employers would pay.4 percent each, instead of the current.2 percent. And it would cost more to administer. Democrats are unified, Democrats are ready for this fight, Leader Pelosi declared at the time. If your income is under 118,500, you would see no change. It would reduce benefits not only for retired workers, but also for their dependents and survivors.