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S 731 114th Congress Senate Social Welfare Aging Employment taxes Government trust funds Inflation and prices Interest, dividends, interest rates Self-employed Social security and elderly assistance Wages and earnings

Social Security Expansion Act

Introduced: March 12, 2015 Introduced by: Sanders, Bernard Independent · Vermont See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Mar 12, 2015
Read twice and referred to the Committee on Finance.
Mar 12, 2015
Introduced in Senate
 Plain-English summary Congressional Research Service

Social Security Expansion Act

Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to:

  • increase the primary insurance amount for all eligible beneficiaries, beginning in 2021;
  • revise computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers;
  • increase the special minimum primary insurance amount for lifetime low earners based on years in the workforce.

Amends the Internal Revenue Code to: (1) apply employment and self-employment taxes to remuneration up to the contribution and benefit base and to remuneration in excess of $250,000; and (2) increase the tax on investment gain from 3.8% to 10% of the lesser of net investment income for such taxable year or the excess (if any) of the modified adjusted gross income for such taxable year, over the threshold amount, with 62% of such tax allocated to the Federal Old-Age and Survivors Insurance Trust Fund and 9% allocated to the Federal Disability Insurance Trust Fund.

What's happening now March 12, 2015

Read twice and referred to the Committee on Finance.

 Committees of jurisdiction 1