H.R. 5737 — Social Security for Future Generations Act of 2021

Summary

Social Security for Future Generations Act of 2021

This bill increases specified benefits and taxes related to, and otherwise modifies, the Social Security program.

Changes to benefits include

increasing the primary insurance amount for certain beneficiaries;
revising the method for calculating cost-of-living adjustments by using a price index that tracks the spending patterns of older consumers;
extending benefits through age 22 to full-time students who are eligible children of deceased, disabled, or retired workers;
establishing a new minimum benefit for certain lifetime low-earners; and
establishing an alternative benefit based on combined household benefits for widows or widowers in two-income households.

Changes to taxes include subjecting earnings in excess of $250,000 to Social Security payroll taxes. No taxes shall be applied to earnings between the contribution base (the maximum amount subject to the Social Security payroll tax, set at $142,800 for 2021) and $250,000.

The bill preserves eligibility for Supplemental Security Income payments and other means-tested programs, despite any changes to an individual's Social Security benefits under the bill.

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Legislative Actions

2021-10-26
Introduced in House
2021-10-26
Introduced in House
2021-10-26
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and Labor, and Transportation and Infrastructure, 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.
2021-10-26
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and Labor, and Transportation and Infrastructure, 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.
2021-10-26
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and Labor, and Transportation and Infrastructure, 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.
2021-10-26
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, Education and Labor, and Transportation and Infrastructure, 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.
2021-10-26
Referred to the Subcommittee on Social Security.
2021-10-27
Referred to the Subcommittee on Health.
2021-10-28
Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.

Social Security for Future Generations Act of 2021

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Summary

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Legislative Actions

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