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Social Security Expansion Act

Introduced: February 13, 2023 Introduced by: Sanders, Bernard Independent · Vermont See on congress.gov

Everywhere this bill has been 2 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 13, 2023

Read twice and referred to the Committee on Finance.

Feb 13, 2023

Introduced in Senate

Plain-English summary Congressional Research Service

Social Security Expansion Act

This bill increases benefits and certain taxes related to the Social Security program.

Changes to benefits include (1) increasing the primary insurance amount for certain beneficiaries; (2) revising the method of calculating cost-of-living adjustments; (3) establishing a new minimum benefit for certain low earners; and (4) allowing certain children of retired, deceased, or disabled workers to receive benefits until age 22 if they are a full-time student.

Changes to taxes include (1) increasing the net investment income tax and making active trade or business income subject to this tax; and (2) extending payroll taxes on wages, salaries, and self-employment earnings to income above $250,000 (the maximum amount subject to the Social Security payroll tax is currently $160,200 for 2023).

The bill also combines the existing Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund into a single Social Security Trust Fund.

What's happening now February 13, 2023

Read twice and referred to the Committee on Finance.

Committees of jurisdiction 1