Bill > S478

This bill aims to enhance Social Security benefits and ensure the long-term solvency of the program. Key provisions include: 1. An across-the-board benefit increase, starting at 1% in 2025 and rising to 15% by 2039. 2. Changing the cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers (CPIE) instead of the general Consumer Price Index. 3. Increasing the minimum benefit for lifetime low earners based on years in the workforce, up to 125% of the poverty guideline for those with 30 or more years of work. 4. Extending eligibility for child's insurance benefits to full-time students up to age 22. 5. Imposing additional payroll taxes on earnings above $250,000, and a higher tax rate on net investment income. 6. Establishing a single Social Security Trust Fund to replace the existing Federal Old-Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund.

Budget and Finance

https://www.congress.gov/bill/116th-congress/senate-bill/478/all-info