Bill > HR8005

This bill, the Social Security Expansion Act, aims to enhance Social Security benefits and ensure the long-term solvency of the Social Security program. The key provisions of the bill include: increasing the first bend point percentage in the Social Security benefit formula from 90% to 95%, adjusting the bend point amounts by a 22% increase, changing the cost-of-living adjustment to use the Consumer Price Index for Elderly Consumers (CPI-E), increasing the minimum benefit for lifetime low earners based on years in the workforce, extending benefit eligibility for children who are full-time students, increasing payroll taxes on remuneration up to the contribution and benefit base as well as amounts over $250,000, increasing the tax on net earnings from self-employment, and increasing the tax on investment gains. The bill also establishes a unified Social Security Trust Fund, consolidating the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.