Protecting and Preserving Social Security Act
- Last Action
- 4/15/2019
Actions
- 2019-04-15Referred to the Subcommittee on Health.
- 2019-04-12Referred to the Subcommittee on Social Security.
- 2019-04-12Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and Labor, 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.
- 2019-04-12Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and Labor, 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.
- 2019-04-12Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and Labor, 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.
- 2019-04-12Introduced in House
- 2019-04-12Introduced in House
CRS Summary
As of 2019-04-12 (00)
Protecting and Preserving Social Security Act
This bill revises the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phases out the cap on compensation subject to Social Security taxation.
The bill directs the Bureau of Labor Statistics to prepare and publish a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. The Social Security Administration shall use the CPI-E to calculate the cost-of-living adjustment for OASDI benefits, where it currently uses the Consumer Price Index for Urban Wage Earners and Clerical Workers.
The bill phases out and after 2025 eliminates the cap on compensation ($132,900 in 2019) subject to Social Security taxation. This change applies to both wage earners and the self-employed.
The bill also changes the calculation for the primary insurance amount (the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age) by including the additional earnings that are now taxed as a result of the cap elimination.
Cosponsors (8)
- David Cicilline (D-RI)
- Gregorio Sablan (D-MP)
- MARCY KAPTUR (D-OH)
- ALCEE HASTINGS (D-FL)
- John Sarbanes (D-MD)
- Chellie Pingree (D-ME)
- Steve Cohen (D-TN)
- PETER VISCLOSKY (D-IN)
Subjects
- Census and government statistics
- Inflation and prices
- 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.