Social Security Expansion Act
- Last Action
- 3/1/2017
Actions
- 2017-03-01Referred to the Subcommittee on Social Security.
- 2017-02-16Referred 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.
- 2017-02-16Referred 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.
- 2017-02-16Referred 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.
- 2017-02-16Introduced in House
- 2017-02-16Introduced in House
CRS Summary
As of 2017-02-16 (00)
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.
Cosponsors (20)
- Tony Cárdenas (D-CA)
- Yvette Clarke (D-NY)
- Steve Cohen (D-TN)
- JOHN CONYERS (D-MI)
- Keith Ellison (D-MN)
- Al Green (D-TX)
- Raúl Grijalva (D-AZ)
- ELEANOR NORTON (D-DC)
- MARCY KAPTUR (D-OH)
- William Keating (D-MA)
- Pramila Jayapal (D-WA)
- Ro Khanna (D-CA)
- BARBARA LEE (D-CA)
- JAMES MCGOVERN (D-MA)
- Gwen Moore (D-WI)
- GRACE NAPOLITANO (D-CA)
- Mark Pocan (D-WI)
- Jamie Raskin (D-MD)
- JANICE SCHAKOWSKY (D-IL)
- Robert Scott (D-VA)
Subjects
- Aging
- Employment taxes
- Government trust funds
- Inflation and prices
- Interest, dividends, interest rates
- Self-employed
- Social security and elderly assistance
- Wages and earnings
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.