Social Security Expansion Act
Summary
Social Security Expansion Act This bill increases benefits and certain taxes related to Old-Age, Survivors, and Disability Insurance. 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 students. Changes to taxes include increasing the net investment income tax for certain taxpayers and extending payroll taxes on wages, salaries, and self-employment earnings to income above $250,000. Under current law, the maximum amount subject to the Social Security payroll tax is $132,900 for 2019. 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.
- Last Action
- 2/14/2019
Actions
- 2019-02-14Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.
- 2019-02-13Referred to the Subcommittee on Social Security.
- 2019-02-13Referred to the Committee on Ways and Means, and in addition to the Committees on 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.
- 2019-02-13Referred to the Committee on Ways and Means, and in addition to the Committees on 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.
- 2019-02-13Referred to the Committee on Ways and Means, and in addition to the Committees on 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.
- 2019-02-13Introduced in House
- 2019-02-13Introduced in House
CRS Summary
As of 2019-02-13 (00)
Social Security Expansion Act
This bill increases benefits and certain taxes related to Old-Age, Survivors, and Disability Insurance.
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 students.
Changes to taxes include increasing the net investment income tax for certain taxpayers and extending payroll taxes on wages, salaries, and self-employment earnings to income above $250,000. Under current law, the maximum amount subject to the Social Security payroll tax is $132,900 for 2019.
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)
- Brendan Boyle (D-PA)
- WM. CLAY (D-MO)
- Raúl Grijalva (D-AZ)
- Ro Khanna (D-CA)
- BARBARA LEE (D-CA)
- Stephen Lynch (D-MA)
- Gwen Moore (D-WI)
- GRACE NAPOLITANO (D-CA)
- ELEANOR NORTON (D-DC)
- Alexandria Ocasio-Cortez (D-NY)
- Donald Payne (D-NJ)
- TIM RYAN (D-OH)
- JANICE SCHAKOWSKY (D-IL)
- ADAM SMITH (D-WA)
- BOBBY RUSH (D-IL)
- Steve Cohen (D-TN)
- Seth Moulton (D-MA)
- JAMES MCGOVERN (D-MA)
- Mark Pocan (D-WI)
- Pramila Jayapal (D-WA)
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.