To amend title II of the Social Security Act and the Internal Revenue Code of 1986 to make improvements in the old-age, survivors, and disability insurance program.
About This Bill
Committee
Latest Action · July 31, 2024
Read twice and referred to the Committee on Finance.
The Protecting and Preserving Social Security Act proposes three main changes to Social Security. First, it creates a new Consumer Price Index specifically for elderly consumers to calculate cost-of-living adjustments for Social Security benefits, which may result in higher increases since seniors' spending patterns differ from the general population. Second, it gradually eliminates the earnings cap that currently limits how much workers pay into Social Security by phasing in taxation of earnings above the cap starting in 2025, reaching zero percent contribution above the cap by 2030 and beyond. Third, it modifies how benefits are calculated for higher earners by including earnings above the cap in the benefit formula at lower rates, meaning higher-income workers would receive modestly increased benefits based on their additional contributions. The bill affects all current and future Social Security beneficiaries and workers, with implementation beginning in 2025 for the earnings changes and later for benefit calculations. No specific funding amounts are identified because these changes operate within the existing Social Security payroll tax system.
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