H.R.1114 - Social Security Expansion Act115th Congress (2017-2018) |
|Sponsor:||Rep. DeFazio, Peter A. [D-OR-4] (Introduced 02/16/2017)|
|Committees:||House - Ways and Means; Education and the Workforce|
|Latest Action:||House - 03/01/2017 Referred to the Subcommittee on Social Security. (All Actions)|
This bill has the status Introduced
Here are the steps for Status of Legislation:
- Passed House
- Passed Senate
- To President
- Became Law
Summary: H.R.1114 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (02/16/2017)
Social Security Expansion Act
This bill amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to: (1) increase the primary insurance amount for all eligible beneficiaries, beginning in 2023; (2) revise computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers; and (3) increase the special minimum primary insurance amount for lifetime low earners based on years in the workforce.
This bill 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 rate on investment gain from 3.8% to 10% and allocate specifed amounts of such tax revenue to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.