Millennials have already been blamed for ruining department stores, the real estate industry and golf, and now there may be something else to add to the list: Social Security
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One such proposal is the Social Security 2100 Act, introduced by Representative John Larson , the chairman of the House Ways and Means Subcommittee on Social Security, as well as Sen. Richard Blumenthal and Sen. Chris van Hollen . The bill, if passed, would increase revenue by raising the payroll tax 0.1% every year until it reaches 14.8% in 2043 and applying the payroll tax to those who earn more than $400,000 .
Representative Tom Reed, the Republican leader of the Ways and Means Social Security subcommittee from New York, said an increased payroll tax would “unfairly hurt” young people. “It hurts the students struggling to pay for their rent and their next meal,” he said. “We want to empower the next generation with tools to save for their retirement in a way that works best for them.
Any why others say it’s not as big of a deal An increased payroll tax wouldn’t burden millennials too much, at least not at first, said Richard Johnson, a senior fellow and the director of the program on retirement policy at the Urban Institute. Raising the cap wouldn’t affect many millennials, who likely aren’t making more than $132,900 at the moment, and increasing the payroll tax itself from 12.4% to 14.8% in 24 years would not be an enormous jump from what they’re currently paying, he said.
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