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Increased Social Security Benefits and New Funding Sources

This act aims to increase Social Security benefits for current and future recipients and ensure the program's long-term stability. It changes how benefits are calculated, raises the minimum benefit for low earners, and extends benefits for students. The changes are proposed to be funded by increased taxes on high earners and investment income.
Key points
Increases the amount of Social Security benefits for many recipients.
Changes how annual cost-of-living adjustments (COLA) are calculated, potentially leading to larger increases.
Raises the minimum benefit amount for individuals with low lifetime earnings but many years in the workforce.
Extends Social Security benefits for children of disabled or deceased workers who are full-time students up to age 22 (currently limited to age 19 and elementary/secondary school).
Applies the Social Security payroll tax to earnings above $250,000 per year (currently, there is a cap on taxable earnings).
Increases the tax rate on certain investment and business income.
Merges the two existing Social Security trust funds (retirement and disability) into a single fund.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 117_S_4365
Sponsor: Sen. Sanders, Bernard [I-VT]
Process start date: 2022-06-09
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Summarized by: gemini-2.5-flash-preview-04-17
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_S_4365.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-06-09.

What are the main provisions?

Key points include:

  • Increases the amount of Social Security benefits for many recipients.
  • Changes how annual cost-of-living adjustments (COLA) are calculated, potentially leading to larger increases.
  • Raises the minimum benefit amount for individuals with low lifetime earnings but many years in the workforce.
  • Extends Social Security benefits for children of disabled or deceased workers who are full-time students up to age 22 (currently limited to age 19 and elementary/secondary school).
  • Applies the Social Security payroll tax to earnings above $250,000 per year (currently, there is a cap on taxable earnings).
  • Increases the tax rate on certain investment and business income.
  • Merges the two existing Social Security trust funds (retirement and disability) into a single 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 Sen. Sanders, Bernard [I-VT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Benefits Taxes