S.427 - Social Security Expansion Act115th Congress (2017-2018)
|Sponsor:||Sen. Sanders, Bernard [I-VT] (Introduced 02/16/2017)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/16/2017 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.427 — 115th Congress (2017-2018)All Information (Except Text)
Introduced in Senate (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 specified amounts of such tax revenue to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.