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Social Security Expansion: Benefit Adjustments and Fund Stability

This act aims to enhance Social Security benefits by adjusting the calculation formula and ensuring the program's long-term solvency. It introduces a new inflation index for seniors, extends eligibility for full-time students up to age 22, and modifies tax rules for earnings above $250,000 and investment gains. Additionally, it merges the two existing trust funds into a single Social Security Trust Fund.
Key points
Benefit Formula Adjustment: The bill increases the first bend point factor in the primary insurance amount formula from 90% to 95% and increases a specific calculation component by 22% for individuals becoming eligible after 2022.
New Cost-of-Living Index: The Consumer Price Index for Elderly Consumers (CPI-E) will be used to calculate annual cost-of-living adjustments (COLA).
Higher Minimum Benefits: Low-income earners with at least 11 years of work will receive increased minimum benefits based on a new percentage table.
Student Support Extension: Children of entitled or deceased individuals may receive benefits until age 22 if they are full-time students at an educational institution.
Tax Changes: A payroll and self-employment tax applies to remuneration above $250,000, and the tax on investment gain is increased from 3.8% to 16.2%.
Unified Social Security Trust Fund: The Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund will be merged into a single Social Security Trust Fund.
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Expired
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Additional Information
Print number: 117_HR_8005
Sponsor: Rep. DeFazio, Peter A. [D-OR-4]
Process start date: 2022-06-09
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Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Social Security Expansion Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_8005.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2022-06-09.

What are the main provisions?

Key points include:

  • Benefit Formula Adjustment: The bill increases the first bend point factor in the primary insurance amount formula from 90% to 95% and increases a specific calculation component by 22% for individuals becoming eligible after 2022.
  • New Cost-of-Living Index: The Consumer Price Index for Elderly Consumers (CPI-E) will be used to calculate annual cost-of-living adjustments (COLA).
  • Higher Minimum Benefits: Low-income earners with at least 11 years of work will receive increased minimum benefits based on a new percentage table.
  • Student Support Extension: Children of entitled or deceased individuals may receive benefits until age 22 if they are full-time students at an educational institution.
  • Tax Changes: A payroll and self-employment tax applies to remuneration above $250,000, and the tax on investment gain is increased from 3.8% to 16.2%.
  • Unified Social Security Trust Fund: The Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund will be merged into a single Social Security Trust Fund.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. DeFazio, Peter A. [D-OR-4].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

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