Bill 118 hr 3261, also known as the Strengthening Social Security Act of 2023, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to enhance the financial stability of the Social Security program, which provides retirement, disability, and survivor benefits to millions of Americans.
One key provision of the bill is an increase in the payroll tax rate for Social Security. This increase would be phased in gradually over several years, with the goal of ensuring that the program remains solvent for future generations. Additionally, the bill includes measures to improve the accuracy of Social Security benefit calculations and to strengthen the program's integrity by cracking down on fraud and abuse.
Another important aspect of the Strengthening Social Security Act of 2023 is the establishment of a new commission to study and make recommendations on ways to further strengthen the program. This commission would be tasked with examining the long-term financial health of Social Security and proposing reforms to ensure its sustainability for years to come.
Overall, the Strengthening Social Security Act of 2023 aims to address the challenges facing the Social Security program and ensure that it continues to provide vital support to retirees, disabled individuals, and survivors. By implementing measures to enhance the program's financial stability and integrity, this bill seeks to secure the future of Social Security for generations to come.