To enhance Social Security benefits and ensure the long-term solvency of the Social Security program.
Social Security Expansion Act
This bill amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to: (1) increase the primary insurance amount for all eligible beneficiaries, beginning in 2023; (2) revise computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers; and (3) increase the special minimum primary insurance amount for lifetime low earners based on years in the workforce.
This bill amends the Internal Revenue Code to: (1) apply employment and self-employment taxes to remuneration up to the contribution and benefit base and to remuneration in excess of $250,000, and (2) increase the tax rate on investment gain from 3.8% to 10% and allocate specifed amounts of such tax revenue to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.
Referred to the Subcommittee on Social Security.
Read twice and referred to the Committee on Finance.
Introduced in House
Introduced in House
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Referred to the Subcommittee on Social Security.
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