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HR 1984 114th Congress House Taxation Aging Employment taxes Government trust funds Inflation and prices Medicare Self-employed Social security and elderly assistance Wages and earnings

FAIR Social Security Act

Introduced: April 23, 2015 See on congress.gov
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 Everywhere this bill has been 3 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Nov 16, 2015
Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Apr 23, 2015
Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Apr 23, 2015
Introduced in House
 Plain-English summary Congressional Research Service

Fair Adjustment and Income Revenue for Social Security Act or the FAIR Social Security Act

This bill repeals the cap on the amount of income ($118,500 in 2015) that is subject to the employment or self-employment tax for funding social security benefits. The bill also reallocates employment and self-employment tax revenues to increase Social Security Trust Fund solvency.

The Bureau of Labor Statistics of the Department of Labor must prepare and publish an index for each calendar month to be known as the Consumer Price Index for Elderly Consumers that indicates changes in expenditures for consumption that are typical for individuals who are 62 years of age or older. This Index will be used to adjust benefit amounts under the Old Age, Survivors, and Disability Insurance program and Medicare.

What's happening now November 16, 2015

Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

 Committees of jurisdiction 3
 Cosponsors 2
All 2 Democratic 2