Here’s a First Draft of the GOP’s Plan to Overhaul Social Security

A senior Republican House chairman has begun circulating a proposal that would make major cuts and changes to the Social Security system in the coming decades, a move to contravene in President-elect Donald Trump’s repeated vow to leave the retirement program for 61 million retirees and their families unscathed.

The comprehensive proposal — already generating Democratic outrage – would put in place a series of highly controversial measures long debated by the two parties.

Those measures include gradually raising the retirement age for receiving full benefits from 67 to 69 and adopting a less generous cost of living index than the current one. The proposal would also inaugurate means testing by changing the benefits formula to reduce payments to wealthier retirees. It would also eliminate the annual COLA adjustments for wealthier individuals and their families.

– The Fiscal Times

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