S.2382 - Fair Raises for Seniors Act113th Congress (2013-2014)
|Sponsor:||Sen. Merkley, Jeff [D-OR] (Introduced 05/22/2014)|
|Committees:||Senate - Finance|
|Latest Action:||05/22/2014 Read twice and referred to the Committee on Finance. (All Actions)|
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Summary: S.2382 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in Senate (05/22/2014)
Fair Raises for Seniors Act - Directs the Bureau of Labor Statistics (BLS) of the Department of Labor to publish for each calendar month a Consumer Price Index for Elderly Consumers (CPI-E) that indicates the average change over time in the prices paid by individuals in the United States who are age 62 and older for a market basket of consumer goods and services.
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to make the CPI-E the applicable Consumer Price Index (CPI) for computation of cost-of-living increases in OASDI benefits for such individuals.
Amends the Internal Revenue Code to exclude from wages for purposes of employment and self-employment taxes (under the Federal Insurance Contributions Act [FICA] for OASDI insurance): (1) any remuneration up to $250,000 of the amount of the contribution and benefit base, and (2) only so much of that remuneration that is less than $250,000.
Amends SSA title II to include 1% or $1,000 (whichever is less) of surplus average indexed monthly earnings in the determination of primary OASDI amounts.