Hawaii House Bill HR35

Hawaii 2024 Regular Session

• Introduced: 3/5/24
• Refer: 3/8/24
• Report Pass: 3/28/24
• Refer: 3/28/24

Caption

Urging The United States Congress To Adopt The Social Security 2100 Act.

Impact

The Social Security 2100 Act introduces several significant changes that are expected to broadly benefit Social Security beneficiaries. Primarily, it proposes an increase in benefits by 2% for all recipients and enhances cost-of-living adjustments to better reflect economic conditions faced by seniors. In addition, the act aims to provide targeted enhancements for lower-income retirees and reinstates student benefits for dependent children of disabled or deceased workers. These provisions strive to ensure that the needs of vulnerable populations, such as retirees living on fixed incomes and children of beneficiaries, are adequately met.

Summary

House Resolution 35 urges the United States Congress to adopt the Social Security 2100 Act, a legislative proposal aimed at improving the long-term health of the Social Security program. The resolution highlights the pressing need for reform given the projected depletion of Social Security trust fund reserves, which is expected to occur by 2034. It emphasizes that without intervention, future beneficiaries may receive only 78% of their scheduled benefits, thereby compromising financial security for retirees and other beneficiaries reliant on this program.

Contention

While the bill generally garners support for its intent to strengthen Social Security, critics raise concerns regarding the proposed tax reforms to fund the changes. The Act suggests taxing earnings over $400,000 and implementing a net investment income tax on high earners, which may be contentious among certain political factions who argue against increased taxes. Additionally, the resolution firmly opposes the privatization of Social Security, warning that such a move would jeopardize beneficiaries' savings and redirect funds away from the intended social welfare structure. The call for Congress to adopt this resolution reflects an urgent need for political consensus on stabilizing Social Security amidst ongoing legislative challenges.