H.R.2855 - Social Security for Future Generations Act of 2017115th Congress (2017-2018)
|Sponsor:||Rep. Lawson, Al, Jr. [D-FL-5] (Introduced 06/08/2017)|
|Committees:||House - Ways and Means; Education and the Workforce; Transportation and Infrastructure; Energy and Commerce|
|Latest Action:||House - 06/20/2017 Referred to the Subcommittee on Social Security. (All Actions)|
This bill has the status Introduced
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Summary: H.R.2855 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in House (06/08/2017)
Social Security for Future Generations Act of 2017
This bill amends the Internal Revenue Code and the Social Security Act (SSAct) to apply employment and self-employment taxes to remuneration up to the contribution and benefit base ($127,200 in 2017) and to remuneration in excess of $250,000 beginning in calender years after 2017.
Title II (Old Age, Survivor and Disability Insurance [OASDI]) of the SSAct is amended to: (1) include 2% of an individual's excess average indexed monthly earnings (over $250,000 per annum) in the formula for determining primary insurance amounts; (2) revise computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers (CPI-E); (3) provide extended benefit eligibility for children of disabled, retired, or deceased workers who are full-time students; (4) increase the special minimum primary insurance amount for lifetime low-wage workers; and (5) provide an alternate benefit amount for widow's and widower's insurance benefits.
The bill preserves eligibility for supplemental security income payments, Medicaid, and the Children's Health Insurance Program (CHIP) by limiting the amount of OASDI payments considered in eligibility determinations.