What is the official ID of this bill?
The official print number for this legislation is HR 5050.
Social Security Changes: Higher Benefits and Student Support
This act modifies the Social Security system, increasing minimum benefits for low earners and adding benefits for long-term beneficiaries. It also extends eligibility for benefits for post-secondary students up to age 26. The method of taxing income above a certain threshold is also changed.
Key points
Increased minimum benefits for individuals who worked for many years but had low earnings.
Additional benefits for individuals who have been receiving Social Security benefits for at least 16 years.
Eligibility for child benefits extended for full-time post-secondary students up to age 26.
Changes to how taxes are calculated on wages and self-employment income above a certain threshold, gradually reducing the taxation of this portion of income to zero after 2031.
Increase in employment tax rates for Social Security starting in 2022.
Benefit increases from this act will not affect eligibility for other federal means-tested programs.
Status:
Expired
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