The House Ways and Means Social Security Subcommittee plans to debate his Social Security 2100: A Sacred Trust bill soon, Rep. John Larson, D-Conn., chairman of the House Ways and Means Social Security Subcommittee, told ThinkAdvisor in a recent email.
The legislation adopts the consumer price index for the elderly as the basis of the annual cost-of-living adjustment (COLA) and applies the payroll tax to annual wages above $400,000.
“We are in the process of working toward markup, which will be held hopefully very soon,” Larson said in the email.
Author(s): Melanie Waddell
Publication Date: 23 May 2022
Publication Site: Think Advisor
Mega-Roth, backdoor IRAs and large retirement account balances would be limited under legislation approved Sept. 15 by the House Ways and Means Committee.
In a near party-line vote of 24-19, the changes were approved as part of the $3.5 trillion Build Back Better Act reconciliation recommendations that address everything from implementing infrastructure development and green energy incentives, to expanding Medicare, offering paid family and medical leave, and extending Trade Adjustment Assistance.
These revenue-raising retirement proposals are included in Subtitle I, “Responsibly Funding Our Priorities,” along with a host of other individual and corporate tax increases. The Joint Committee on Taxation estimates that these tax changes would raise approximately $2.1 trillion over 10 years to help pay for the fiscal year 2022 budget reconciliation bill. (For a more detailed description of the retirement-based revenue proposals, click here.)
Author(s): Ted Godbout
Publication Date: 16 Sept 2021
Publication Site: American Society of Pension Professionals & Actuaries