S.478 - Social Security Expansion Act116th Congress (2019-2020)
|Sponsor:||Sen. Sanders, Bernard [I-VT] (Introduced 02/13/2019)|
|Committees:||Senate - Finance|
|Latest Action:||Senate - 02/13/2019 Read twice and referred to the Committee on Finance. (All Actions)|
This bill has the status Introduced
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Summary: S.478 — 116th Congress (2019-2020)All Information (Except Text)
Introduced in Senate (02/13/2019)
Social Security Expansion Act
This bill increases benefits and certain taxes related to Old-Age, Survivors, and Disability Insurance.
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 students.
Changes to taxes include increasing the net investment income tax for certain taxpayers and extending payroll taxes on wages, salaries, and self-employment earnings to income above $250,000. Under current law, the maximum amount subject to the Social Security payroll tax is $132,900 for 2019.
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.