Social Security Expansion Act
- Last Action
- 12/17/2024
Actions
- 2024-12-17Referred to the Subcommittee on Social Security.
- 2023-02-14Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, 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.
- 2023-02-14Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, 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.
- 2023-02-14Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, 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.
- 2023-02-14Introduced in House
- 2023-02-14Introduced in House
CRS Summary
As of 2023-02-14 (00)
Social Security Expansion Act
This bill increases benefits and certain taxes related to the Social Security program.
Changes to benefits include (1) increasing the primary insurance amount for certain beneficiaries; (2) revising the method of calculating cost-of-living adjustments; (3) establishing a new minimum benefit for certain low earners; and (4) allowing certain children of retired, deceased, or disabled workers to receive benefits until age 22 if they are a full-time student.
Changes to taxes include (1) increasing the net investment income tax and making active trade or business income subject to this tax; and (2) extending payroll taxes on wages, salaries, and self-employment earnings to income above $250,000 (the maximum amount subject to the Social Security payroll tax is currently $160,200 for 2023).
The bill also combines the existing Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund into a single Social Security Trust Fund.
Cosponsors (20)
- Val Hoyle (D-OR)
- Steve Cohen (D-TN)
- Donald Payne (D-NJ)
- RICK LARSEN (D-WA)
- Gwen Moore (D-WI)
- Cori Bush (D-MO)
- Stephen Lynch (D-MA)
- Rashida Tlaib (D-MI)
- Chellie Pingree (D-ME)
- GRACE NAPOLITANO (D-CA)
- ELEANOR NORTON (D-DC)
- Jamie Raskin (D-MD)
- Alma Adams (D-NC)
- Jamaal Bowman (D-NY)
- JERROLD NADLER (D-NY)
- Mark Pocan (D-WI)
- Raúl Grijalva (D-AZ)
- Pramila Jayapal (D-WA)
- BARBARA LEE (D-CA)
- SHEILA JACKSON LEE (D-TX)
Subjects
- Accounting and auditing
- Congressional oversight
- Disability assistance
- Elementary and secondary education
- Employment taxes
- Financial services and investments
- Government trust funds
- Higher education
- Income tax rates
- Inflation and prices
- Railroads
- Self-employed
- Social security and elderly assistance
- Transportation employees
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.