Social Security Expansion: Increased Benefits and New Funding Rules
This act aims to increase Social Security benefits for all eligible individuals and change how benefit increases are calculated. It also strengthens the program's funding through new taxation rules on earned income and investments, ensuring its long-term stability. These changes will affect future retirement and disability payments, as well as tax burdens for certain groups of citizens.
Key points
Benefit Increase: All eligible Social Security beneficiaries will receive higher payments, and the minimum benefit for lifetime low earners will be increased.
New Cost-of-Living Adjustments: Benefit increases will be calculated using the Consumer Price Index for Elderly Consumers (CPI-E), aiming to better reflect their actual living costs.
Extended Student Benefits: Children of individuals receiving disability benefits or deceased insured individuals may receive benefits until age 22 if they are full-time students.
Tax Changes: A payroll tax will be applied to wages above $250,000 annually, and a new tax on investment gains will be introduced to increase contributions to the Social Security fund.
Unified Trust Fund: The existing two trust funds (Old-Age and Survivors Insurance and Disability Insurance) will be merged into a single Social Security Trust Fund, simplifying management and increasing transparency.
Expired
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