Purpose and Summary
Chamber: House
Introduced date: 2025-02-27
Bill 119 HR 1700, also known as the Social Security 2100 Act, aims to improve Social Security benefits for current and future retirees while also ensur...
ing the long-term financial stability of the program. The bill proposes several key changes to achieve these goals. One of the main provisions of the bill is an increase in Social Security benefits for all recipients. This increase would be achieved by adjusting the formula used to calculate benefits, resulting in higher monthly payments for retirees. Additionally, the bill includes a provision to provide a minimum benefit for low-income workers who have paid into the Social Security system for at least 30 years. To address the long-term solvency of the Social Security program, the bill proposes gradually increasing the payroll tax rate over a period of 24 years. This increase would be phased in slowly, starting at 7.4% and eventually reaching 8.4% by 2043. The bill also includes measures to ensure that high-income earners pay their fair share into the program, by applying the payroll tax to earnings above $400,000. Furthermore, the bill includes provisions to improve the cost-of-living adjustment (COLA) for Social Security beneficiaries, by using a more accurate measure of inflation to calculate annual increases. This change would help ensure that benefits keep pace with the rising cost of living for retirees. Overall, Bill 119 HR 1700 aims to strengthen the Social Security program by enhancing benefits for retirees and ensuring its long-term financial stability. The bill has garnered bipartisan support in Congress and is seen as a crucial step towards securing the future of Social Security for generations to come.
Recent Activity
Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Workforce, and Transportation and Infrastructure, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Alternative Names
To enhance Social Security benefits and ensure the long-term solvency of the Social Security program.
To enhance Social Security benefits and ensure the long-term solvency of the Social Security program.
Associated Legislation
undefined Policy Areas
undefined
Potential Impact
undefined Sponsors and Supporters
Rep. Hoyle, Val T. [D-OR-4]
Rep. Hoyle, Val T. [D-OR-4]
Rep. Hoyle, Val T. [D-OR-4]
Rep. Hoyle, Val T. [D-OR-4]
Rep. Hoyle, Val T. [D-OR-4]
Cosponsors and Supporters
Rep. Schakowsky, Janice D. [D-IL-9]
Rep. Carter, Troy A. [D-LA-2]
Rep. Casar, Greg [D-TX-35]
Rep. Chu, Judy [D-CA-28]
Rep. Cohen, Steve [D-TN-9]
Rep. Deluzio, Christopher R. [D-PA-17]
Rep. Frankel, Lois [D-FL-22]
Rep. Jayapal, Pramila [D-WA-7]
Rep. Khanna, Ro [D-CA-17]
Rep. McGovern, James P. [D-MA-2]
Rep. Moore, Gwen [D-WI-4]
Rep. Nadler, Jerrold [D-NY-12]
Del. Norton, Eleanor Holmes [D-DC-At Large]
Rep. Pingree, Chellie [D-ME-1]
Rep. Pocan, Mark [D-WI-2]
Rep. Ramirez, Delia C. [D-IL-3]
Rep. Salinas, Andrea [D-OR-6]
Rep. Tlaib, Rashida [D-MI-12]
Rep. Tokuda, Jill N. [D-HI-2]
Rep. Schakowsky, Janice D. [D-IL-9]
Rep. Carter, Troy A. [D-LA-2]
Rep. Casar, Greg [D-TX-35]
Rep. Chu, Judy [D-CA-28]
Rep. Cohen, Steve [D-TN-9]
Rep. Deluzio, Christopher R. [D-PA-17]
Rep. Frankel, Lois [D-FL-22]
Rep. Jayapal, Pramila [D-WA-7]
Rep. Khanna, Ro [D-CA-17]
Rep. McGovern, James P. [D-MA-2]
Rep. Moore, Gwen [D-WI-4]
Rep. Nadler, Jerrold [D-NY-12]
Del. Norton, Eleanor Holmes [D-DC-At Large]
Rep. Pingree, Chellie [D-ME-1]
Rep. Pocan, Mark [D-WI-2]
Rep. Ramirez, Delia C. [D-IL-3]
Rep. Salinas, Andrea [D-OR-6]
Rep. Tlaib, Rashida [D-MI-12]
Rep. Tokuda, Jill N. [D-HI-2]
Rep. García, Jesús G. "Chuy" [D-IL-4]
Rep. Adams, Alma S. [D-NC-12]
Rep. Lynch, Stephen F. [D-MA-8]
Committees and Subcommittees
Transportation and Infrastructure Committee
Education and Workforce Committee
Ways and Means Committee
Variations and Revisions
undefined