Social Security's Office of Chief Actuary has "scored" the bill introduced by Richard Neal, the Chairman of the House Social Security Subcommittee, that would address the Windfall Offset Provision (WEP) in the Social Security Act that offsets pensions that are based upon wages not covered by the FICA tax. Here's what they found:
... Over the period 2020 through 2029, we estimate the program expenditures for the OASDI program would be increased by $34.3 billion, with the trust funds being fully reimbursed for the added cost on an annual basis with transfers from the General Fund of the Treasury. Over the long-range 75-year period, we estimate that enactment of the Bill would increase OASDI program cost and program income each by 0.02 percent of taxable payroll, thus having no significant effect on the OASDI actuarial balance. ...
1 comment:
If they just sent me $10,000 per month it would even be more negligible but I doubt they will do that.
WEP for the most part is fair.
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