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HR 2302 116th Congress House Social Welfare Census and government statistics Inflation and prices Self-employed Social security and elderly assistance Wages and earnings

Protecting and Preserving Social Security Act

Introduced: April 12, 2019 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 15, 2019
Referred to the Subcommittee on Health.
Apr 12, 2019
Referred to the Subcommittee on Social Security.
Apr 12, 2019
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and Labor, 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 12, 2019
Introduced in House
 Plain-English summary Congressional Research Service

Protecting and Preserving Social Security Act

This bill revises the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phases out the cap on compensation subject to Social Security taxation.

The bill directs the Bureau of Labor Statistics to prepare and publish a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. The Social Security Administration shall use the CPI-E to calculate the cost-of-living adjustment for OASDI benefits, where it currently uses the Consumer Price Index for Urban Wage Earners and Clerical Workers.

The bill phases out and after 2025 eliminates the cap on compensation ($132,900 in 2019) subject to Social Security taxation. This change applies to both wage earners and the self-employed.

The bill also changes the calculation for the primary insurance amount (the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age) by including the additional earnings that are now taxed as a result of the cap elimination.

What's happening now April 15, 2019

Referred to the Subcommittee on Health.

 Committees of jurisdiction 5
 Cosponsors 3
All 3 Democratic 3