Bill > S393

This bill, the Social Security Expansion Act, proposes several key changes to enhance Social Security benefits and ensure the long-term solvency of the Social Security program: 1. It increases the first bend point percentage used to calculate Social Security benefits from 90% to 95%, resulting in higher monthly benefit amounts. It also adjusts the bend point amount to increase benefits by 22% for individuals eligible for benefits after 2023. 2. It changes the cost-of-living adjustment (COLA) formula to use the Consumer Price Index for Elderly Consumers (CPI-E), which better reflects the spending patterns of older Americans. 3. It establishes a minimum benefit for lifetime low earners based on the number of years worked, with the minimum benefit ranging from 6.25% to 125% of the poverty guideline amount. 4. It extends eligibility for child's insurance benefits to full-time students up to age 22, rather than the current limit of age 19 for secondary students. 5. It imposes payroll taxes on remuneration up to the Social Security contribution and benefit base (currently $160,200) and on earnings over $250,000. It also taxes net earnings from self-employment up to the contribution base and over $250,000, as well as taxes on investment gains. 6. It consolidates the existing Federal Old-Age and Survivors Insurance Trust Fund and Federal Disability Insurance Trust Fund into a single Social Security Trust Fund to streamline the administration and accounting of the Social Security program.

Budget and Finance

https://www.congress.gov/bill/118th-congress/senate-bill/393/all-info