Bill > S4365

This bill, the Social Security Expansion Act, aims to enhance Social Security benefits and ensure the long-term solvency of the Social Security program. Key provisions include: 1. Increasing the first bend point percentage used to calculate Social Security benefits from 90% to 95%, resulting in an across-the-board benefit increase starting in 2023. 2. Changing the cost-of-living adjustment calculation to use the Consumer Price Index for Elderly Consumers (CPI-E) instead of the standard Consumer Price Index. 3. Increasing the minimum Social Security benefit for lifetime low earners based on the number of years worked, up to 125% of the poverty level for those with 30 or more years of work. 4. Extending Social Security child's benefits for full-time students up to age 22, aligning with the Railroad Retirement Act. 5. Imposing Social Security payroll taxes on wages and self-employment income up to $250,000, in addition to the existing contribution and benefit base. 6. Imposing a 16.2% tax on investment gains in lieu of Social Security and Medicare taxes. 7. Establishing a unified Social Security Trust Fund to replace the separate Federal Old-Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund.