Social Security Expansion: Higher Benefits, New Taxes on High Earners and Investments.
This Act aims to enhance Social Security benefits and ensure the program's long-term solvency. It introduces across-the-board benefit increases through formula adjustments, establishes a new minimum benefit for low lifetime earners, and changes the annual cost-of-living adjustment (COLA) calculation to the CPI-E index. These changes are funded in part by applying payroll taxes to earnings above $250,000 and increasing the tax on investment gain.
Key points
Increases Social Security benefits for new and existing beneficiaries by changing the first bend point from 90% to 95% and applying an additional increase to the base amount.
Switches the COLA calculation to the CPI-E (Consumer Price Index for Elderly Consumers).
Establishes a new minimum benefit for low-wage workers based on years in the workforce (more than 10 years), tied to the poverty guideline.
Extends benefit eligibility for full-time student children of disabled or deceased workers up to age 22.
Applies Social Security payroll tax to remuneration above $250,000 and increases the tax on investment gain from 3.8% to 16.2%.
Status:
Expired
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