Social Security Expansion Act: Increased Benefits and Program Stability
This act aims to increase Social Security benefits for many citizens and ensure the long-term stability of the program. It introduces changes in how benefits are calculated, raises minimum benefits for low-income earners, and extends support for students. Program funding will be strengthened through new income taxation rules.
Key points
Benefit Increase: Most Social Security beneficiaries will receive higher benefits, and minimum benefits for long-term low-wage earners will be raised.
Inflation Calculation Change: Cost-of-living increases will be calculated using the Consumer Price Index for Elderly Consumers (CPI-E), which may better reflect their actual living costs.
Student Support: Children of individuals entitled to disability benefits or deceased insured individuals will be able to receive benefits until age 22 if they are full-time students.
New Funding Rules: New taxes will be introduced on remuneration above $250,000 and on investment gains, aiming to provide additional funds for the Social Security program.
Fund Consolidation: The two existing Social Security trust funds (Old-Age and Survivors Insurance and Disability Insurance) will be merged into a single fund, simplifying management and increasing transparency.
Status:
Introduced
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