What is the official ID of this bill?
The official print number for this legislation is HR 671.
Social Security Enhancement: Increased Benefits and Tax Adjustments
This act aims to increase Social Security benefits for low-income earners and long-term beneficiaries. It also introduces changes to the taxation of wages and self-employment income to ensure system stability. Additionally, it extends support for post-secondary students.
Key points
Increased minimum benefits for lifetime low earners, based on years in the workforce.
Additional benefits for individuals receiving Social Security for at least 16 years.
Extension of child's benefits for full-time post-secondary students up to age 26.
Gradual increase in the taxable wage and self-employment income base above the current limit, starting in 2024.
Gradual increase in Social Security tax rates for employees, employers, and self-employed individuals from 2024.
Benefit increases will not affect eligibility for other federal or state assistance programs.
Status:
Expired
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