Republican lawmaker floats Social Security overhaul

Small BusinessAssociated Press

A key Republican lawmaker wants to overhaul the nation's Social Security program, proposing to gradually increase the retirement age and slow the growth of benefits for higher-income workers.

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Republican Rep. Sam Johnson of Texas, chairman of the House Ways and Means subcommittee on Social Security, introduced legislation just before the end of the congressional session last week that he said would "permanently save" the program. He said the bill would increase benefits for lower-income workers and target benefits for those most in need.

Johnson said his proposal is "the start of a fact-based conversation" on how to shore up the program.

But it's still unclear if his proposal will move. President-elect Donald Trump has promised not to cut Social Security.