The Protecting and Preserving Social Security Act makes two main changes to Social Security. First, it creates a new Consumer Price Index specifically for people over 62 years old to calculate annual cost-of-living adjustments for benefits, starting in 2026, which would likely result in higher increases than the current method. Second, starting in 2025, it gradually applies Social Security payroll taxes to earnings above the current wage cap, phasing in over six years until 2030 when all earnings above the cap are taxed, while also counting higher lifetime earnings in benefit calculations so higher earners receive modestly increased benefits based on their additional contributions. The bill affects all current and future Social Security beneficiaries as well as workers and self-employed individuals earning above the annual wage cap. No specific funding authorization is provided beyond what is necessary to implement the new elderly consumer price index.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.