Social Security needs to be fixed before the program's funds are able to pay full benefits, according to congressional leaders.
That is the end of the consensus.
On Capitol Hill, leaders from both the Republican and Democratic parties discuss the issue.
Personal Finance explains how taxes on Social Security benefits may change.
The trustees report included a new projected date for when the program's combined funds will become exhausted. 80% of benefits will be paid at that time.
Last year's date was one year later. The program has a deficit over the course of 75 years.
House Republicans held a meeting last week to discuss their contention that the Democrats' proposal doesn't put Social Security programs on a sustainable footing.
Kevin Brady is the leader of the House Ways and Means Committee.
The proposal of a new bill to reform the program was part of the June Senate hearing.
"Our job is not to cut Social Security, is not to raise the retirement age, as many of my Republican colleagues would have us do."
Every person in this country with a disability can retire with the security they need if Social Security is expanded.
Social Security's financial outlook may be underestimated by the trustees report. The report doesn't account for inflation in the months since it was based on data.
Lawmakers can either raise taxes or cut benefits to fix the program.
Democrats advocate for tax increases. In order to make benefits more generous, the plans call for raising payroll taxes. Workers and employers pay an average of 6.2% on their wages.
To get real progress, it’s going to require people sitting down across the table from each other and talking ...
The Social Security 2100 Act: A Sacred Trust is one of the Democratic plans.
There would be tax increases under the plan put forward by Warren.
The tax proposals were non-starters according to Republicans. Republican House leaders talked about the negative effects of higher payroll taxes on small businesses.
Rep. John Larson, D-Conn., and other lawmakers discuss the Social Security 2100 Act, which would include increased minimum benefits, on Capitol Hill on Oct. 26, 2021.Lindsey Graham said at the June Senate hearing that taxing the wealthy would not save Social Security.
Graham said the wealthier may have to take a little less in benefits. He said that the retirement age will need to be raised for younger people.
Graham said that he would be willing to take less to save Social Security for people who need it more than he does. It will take a lot of commitment from all of us.
At the House meeting last week, Jodey Arrington asked if Republicans could only do this through reconciliation or some other mechanism.
There are also proposals put forward by Democrats.
The need for bipartisanship was emphasized by Republicans at the Senate hearing. Romney said that they would not save it if they didn't come up with a solution.
The TRUST Act would create bipartisan committees to come up with changes to resolve the program's problems. Expansion of the program could lead to decisions to benefit cuts that are not open to the public.
Scott's proposal to sunset the program every five years received some opposition.
Scott proposed that Congress review the programs.
He said he wouldn't support cuts to Social Security.
Getting both sides of the aisle to agree on reforms will be the greatest challenge.
He invited Republicans to support his proposal to improve the program and protect benefits. "I encourage my Republican colleagues to join us in helping America's seniors, children and people with disabilities."
The Bipartisan Policy Center's director of economic policy said that serious discussions between the parties will be needed to get something done.
To get real progress, it's going to require people sitting down across the table from each other and talking through what these issues look like and what potential bipartisan solutions are
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