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1 Phillip L. Swagel, Additional Information about the Effects on Social Security of H.R. 860, the Social Security 2100 Act 1 (October 10, 2019)

handle is hein.congrec/cboaddinf0001 and id is 1 raw text is: CONGRESSIONAL BUDGET OFFICE Phillip L. Swagel, Director U.S. Congress Washington, DC 20515 October 10, 2019 Honorable John Larson Chairman Subcommittee on Social Security Committee on Ways and Means U.S. House of Representatives Washington, DC 20515 Re: Additional Information About the Effects on Social Security of H.R. 860, the Social Security 2100 Act Dear Mr. Chairman: In response to your request, the Congressional Budget Office and the staff of the Joint Committee on Taxation (JCT) have analyzed the budgetary, financial, and long-term distributional effects of enacting H.R. 860, the Social Security 2100 Act, as it would be modified to include a revised provision.' Specifically, with the modification, a portion of the income taxes collected on Social Security benefits would be transferred to the Medicare Hospital Insurance (HI) Trust Fund in the same manner and amount as under current law. Any residual amount of those income taxes would be credited to a new Social Security Trust Fund that would be established by the bill. This analysis does not consider any other modifications to the bill. As shown in Table 1, CBO and JCT estimate that over the current baseline projection period (2020 to 2029), enactment of H.R. 860, as modified, would: * Increase Social Security benefit outlays by $386 billion; * Increase federal revenues by $911 billion, the net effect of a decrease in on- budget revenues of $747 billion and an increase in off-budget revenues of $1.658 trillion; and 1. In September 2019, CBO transmitted an analysis of the bill as introduced in January 2019. See Congressional Budget Office, letter to the Honorable Kevin Brady providing an analysis of effects on Social Security of H.R. 860, the Social Security 2100 Act (September 13, 2019), www.cbo.gov/publication/55627.

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