Bill > HR3261

This bill aims to strengthen Social Security in several ways: 1. It gradually reduces the amount of wages and self-employment income above the Social Security contribution and benefit base that is subject to Social Security taxes, from 80% in 2025 down to 0% by 2029 and thereafter. 2. It increases the first "bend point" factor used in calculating initial Social Security benefits from 90% to 95% (phased in from 2029 to 2032), and increases the first bend point itself over time (up to 15% higher by 2044). 3. It includes 5% of an individual's "surplus average indexed monthly earnings" (earnings above the contribution base) in the benefit calculation formula. 4. It requires the Bureau of Labor Statistics to create a new Consumer Price Index for Elderly Consumers, which will be used to calculate cost-of-living adjustments for Social Security benefits. 5. It improves widow(er)'s benefits in two-income households by allowing the survivor to receive the greater of their own benefit or 75% of the combined benefits of the survivor and deceased spouse. 6. It holds Supplemental Security Income (SSI) beneficiaries harmless from any increases in their Social Security benefits.

Budget and Finance, Labor and Employment

https://www.congress.gov/bill/118th-congress/house-bill/3261/all-info