o my understanding and feel free to correct me if I’m wrong here, but I believe this bill looks to expand SS benefits for those who weren’t taxed by SS during their working years. Particularly those who worked for federal, state and local government. Essentially putting more money into the hands of SS retirees, not less. It would repeal the current WEP and GPO provisions in place.
So for example, if someone with a spousal SS benefit of $900, also received a non taxable pension of $1000, their SS benefit of $900 is cut by 2/3, leaving them with a benefit of $233. That is the current Government Pension Offset (GPO).
If HR 82 passes, it would repeal these provisions and the beneficiary would receive the full $900 SS payout.
Again, I could be completely wrong here but that is my understanding of it. I’m open to corrections as always.
Naw I think you are right. I went and read the CBO's letter about the bill and it's actually not bad...I think this was a bi-partisan bill as well...Think that video is inaccurate....
Long-Term Effects of H.R. 82, the Social Security Fairness Act of 2023
News Provided By
Congressional Budget Office
November 08, 2024, 22:27 GMT
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The Congressional Budget Office was asked to provide information about how enacting H.R. 82, the Social Security Fairness Act of 2023, would affect the finances of the Old-Age and Survivors Insurance (OASI) Trust Fund and the finances of that fund combined with the Disability Insurance (DI) Trust Fund over the next 75 years, 2024 to 2098.
H.R. 82 would eliminate the windfall elimination provision (WEP) and the government pension offset (GPO). The WEP reduces benefits for retired or disabled workers who have fewer than 30 years of significant earnings from employment covered by Social Security if they also receive pensions on the basis of noncovered employment. The GPO reduces the spousal or surviving spousal benefits of people who receive pensions on the basis of noncovered employment.
CBO’s analysis shows that the elimination of the WEP and GPO, as specified in H.R. 82, would permanently increase outlays for scheduled Social Security benefits—that is, the amounts that the program would pay if it continued to pay benefits as scheduled under current law, regardless of whether the program’s two trust funds had sufficient balances to cover those payments. That increase in Social Security benefits would drive the program’s spending even further above its revenues than it is already projected to be under current law.
CBO also estimated the effects of H.R. 82 on payable Social Security benefits. Payable benefits are the benefits that the program could provide if its outlays were limited to the amounts that could be funded by its annual revenues after the exhaustion of the trust fund balances.
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Long-Term Effects of H.R. 82, the Social Security Fairness Act of 2023
News Provided By
Congressional Budget Office
November 08, 2024, 22:27 GMT
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In response to a request from Senator Grassley, CBO provides information about how enacting H.R. 82, the Social Security Fairness Act of 2023, would affect Social Security’s finances over the next 75 years.
www.cbo.gov
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