Ways and Means Republicans Reject Larson Amendment to Enhance Social Security and Cut Taxes for Seniors

"Billionaires like President Trump and Elon Musk don't need another tax cut - they need to pay their fair share," said Larson. "I offered an amendment to stop taxing seniors on their Social Security and enhance benefits for the first time in 50 years by ensuring the wealthy pay into the system just like the rest of us. Every single Republican voted to defeat it - going back on their promise to end taxation of Social Security benefits. While they are laser-focused on cutting taxes for billionaires and CEOs, Democrats will continue to fight for families and seniors' hard-earned benefits."

Ranking Member Larson's amendment would:

• Provide an across-the-board benefit increase for all Social Security beneficiaries

• End taxation of Social Security benefits

• Ensure no one who has worked their entire life can retire into poverty

• Eliminate the five-month waiting period for Social Security disability benefits

• End the 'disability benefit cliff' so disability beneficiaries can work without risking their entire benefit

• Lift the FICA earnings cap on income above $400,000 so millionaires and billionaires pay into Social Security throughout the year

• Close the net investment income loophole used by the wealthy to avoid paying into Social Security

See a full transcript of Ranking Member Larson's remarks on his amendment below:

"Mr. Chairman, my amendment does exactly what the majority says that we are here to do. This will definitely help working families across-the-board and create a national economic development plan that is tried and true.

"I'm talking about the nation's number one anti-poverty program for the elderly, and until the child tax credit is made permanent, the number one anti-poverty program for children, the program that more veterans receive disability from than they do from the VA.

"I'm talking about Social Security. I commend President Eisenhower and actually President Nixon was the last president that expanded and enhanced Social Security across-the-board because they knew exactly what it would do, but believe it or not, my fellow colleagues. It's been more than 50 years since Congress has enhanced Social Security across-the-board.

"All of you have received a card from me, but I have here, if you want me to read them, I will, what every single district receives, how many constituents that you have, what the breakdown is, and something few Members of Congress realize or understand, how much money comes into your district monthly and why during this time in post-COVID and global inflationary period that this is the best economic development plan that we could have because every single Congressional District, and every one of your constituents will benefit from this.

"We propose and have a plan that makes sure that we increase benefits across-the-board for the more than 70 million people that are on Social Security. We make sure that nobody can retire into poverty. Imagine, in this country, that 5 million of our fellow Americans, 5 million, get below poverty level checks after having paid into a system all their lives in the wealthiest nation in the world. We want to make sure that we take care of disabled workers, so they don't have, we've actually had people die waiting for
disability payments from Social Security, and we also want to make sure that there's no longer a disability cliff, so people who are on disability and try to go back to work are not penalized as well.

"Mr. Chairman, I said this is an economic development plan, and here's why. Because every single district gets payments to their district. Well, for example, Mr. Chairman, your monthly payments are $310 million that come into your district monthly. That hasn't been changed or altered in over 50 years. And what do people do with that money? They spend that money right back in their district. At the grocery store, at the pharmacy, at the dry cleaner, putting gas into their automobiles, paying their rent, paying their mortgage.

"That's what this has been all about. That's why this is so vitally important that this committee, the committee of cognizance with regard to Social Security, make sure that we enhance this program across-the-board to help out every one of our constituents. There is no doubt that this will help every single American. It's why I asked Mr. Barthold at the start of this, 'Was there anything in the bill that was before us for people that are making over $400,000, that they would contribute to Social Security?'

"It's fully paid for, including the tax cut that President Trump promised and has reneged on in this proposal. We pay for it. We do so by lifting the cap on people who pay nothing or little into the nation's number one anti-poverty program for the elderly and for children."