Bill > HR4921

This bill aims to strengthen Social Security by making several key changes: 1. It gradually phases out the maximum taxable earnings cap for Social Security taxes, so that by 2027 all earnings will be subject to the Social Security payroll tax. This will increase funding for the Social Security trust fund. 2. It increases the first "bend point" in the formula used to calculate Social Security benefits, from 90% to 95% (phased in over several years). This will result in higher initial benefit amounts for new retirees. 3. It includes a person's "surplus" average indexed monthly earnings (above the Social Security earnings cap) when calculating their Social Security benefits, further increasing benefit amounts. 4. It requires the Bureau of Labor Statistics to create a new "Consumer Price Index for Elderly Consumers" to be used in calculating cost-of-living adjustments for Social Security benefits. 5. It improves benefits for widows and widowers in two-income households by modifying the calculations to prevent a significant drop in benefits upon the death of a spouse. 6. It ensures that increases in Social Security benefits do not reduce Supplemental Security Income (SSI) benefits. Overall, the goal of this bill is to enhance the retirement security of Americans by strengthening and expanding the Social Security program.