summary
Introduced
05/09/2019
05/09/2019
In Committee
05/09/2019
05/09/2019
Crossed Over
Passed
Dead
12/31/2020
12/31/2020
Introduced Session
116th Congress
Bill Summary
Expands benefits, and increases specified taxes, related to the Old-Age, Survivors, and Disability Insurance program. Changes to benefits include (1) increasing the primary insurance amount for certain beneficiaries, (2) calculating cost-of-living adjustments by using a price index that tracks the spending patterns of older consumers, and (3) establishing an alternative benefit for widows or widowers in two-income households. Changes to taxes include phasing out the cap on earnings subject to the Social Security payroll tax. Under current law, the maximum amount subject to this tax is $132,900.
AI Summary
This bill, the Strengthening Social Security Act of 2019, aims to improve the retirement security of American families by making several changes to the Old-Age, Survivors, and Disability Insurance (OASDI) program. The key provisions include:
1. Gradually phasing out the cap on earnings subject to the Social Security payroll tax, so that higher-income individuals pay more into the system.
2. Increasing the primary insurance amount (PIA) for certain beneficiaries by adjusting the first "bend point" in the PIA formula.
3. Requiring the use of a new "Consumer Price Index for Elderly Consumers" to calculate cost-of-living adjustments for Social Security benefits, which is intended to better reflect the spending patterns of older Americans.
4. Improving benefits for widows and widowers in two-income households by allowing them to receive a higher percentage of their deceased spouse's PIA.
5. Holding Supplemental Security Income (SSI) beneficiaries harmless from any increases in their Social Security benefits.
The overall goal of the bill is to strengthen the financial stability and adequacy of the Social Security system for current and future retirees.
Committee Categories
Budget and Finance
Sponsors (17)
Linda Sánchez (D)*,
Matt Cartwright (D),
Steve Cohen (D),
Barbara Lee (D),
Stephen Lynch (D),
Betty McCollum (D),
Grace Napolitano (D),
Eleanor Holmes Norton (D),
Chellie Pingree (D),
Mark Pocan (D),
Cedric Richmond (D),
Bobby Rush (D),
Jan Schakowsky (D),
Adam Smith (D),
Bennie Thompson (D),
Debbie Wasserman Schultz (D),
Susan Wild (D),
Last Action
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. (on 05/09/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location | Created |
|---|---|---|
| State Bill Page | https://www.congress.gov/bill/116th-congress/house-bill/2654/all-info | 05/10/2019 |
| BillText | https://www.congress.gov/116/bills/hr2654/BILLS-116hr2654ih.pdf | 05/23/2019 |
| Bill | https://www.congress.gov/116/bills/hr2654/BILLS-116hr2654ih.pdf.pdf | 05/23/2019 |
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