Bill > HR671

This bill, the Social Security Enhancement and Protection Act of 2023, proposes several reforms to the Social Security program. Key provisions include: 1. Increasing the special minimum benefit for lifetime low earners based on years in the workforce, with the minimum benefit ranging from 36.7% to 100% of the poverty guideline depending on the number of years worked. 2. Establishing an increased benefit for Social Security beneficiaries who have been eligible for benefits for at least 16 years, with the increase ranging from 20% to 100% of 5% of their primary insurance amount. 3. Extending child's insurance benefits to full-time post-secondary school students up to age 26, expanding on the existing benefits for full-time elementary and secondary school students. 4. Gradually phasing out the contribution and benefit base, with the taxable percentage of wages and self-employment income above the base decreasing from 90% in 2024 to 0% in 2033 and beyond. 5. Establishing a new bend point in the Social Security benefit formula for income above the contribution and benefit base, with a 3% formula factor applied to such income. 6. Increasing the Social Security employment tax rate for both employees and employers, as well as the self-employment tax rate, over time from 6.25% to 6.50% for employees and employers, and from 12.5% to 13% for the self-employed. The bill aims to enhance and protect the Social Security program by increasing benefits for long-term and low-income participants, while also gradually adjusting the taxation of income above the contribution and benefit base.