Social Security Expansion Act
1/4/2025, 11:12 AMSummary of Bill HR 1046
The Social Security Expansion Act, also known as Bill 118 hr 1046, is a piece of legislation introduced in the US Congress aimed at expanding and strengthening the Social Security program. The bill proposes several key provisions to enhance the benefits and financial stability of the program.One of the main components of the bill is an increase in Social Security benefits for current and future beneficiaries. This would be achieved by adjusting the formula used to calculate benefits, resulting in higher monthly payments for retirees and disabled individuals. The bill also includes a provision to provide a minimum benefit level to ensure that all beneficiaries receive a basic level of financial support.
In addition to increasing benefits, the Social Security Expansion Act seeks to improve the long-term financial health of the program. The bill proposes raising the cap on taxable income for Social Security contributions, which would require higher-income individuals to pay more into the system. This change is intended to address the funding shortfall that Social Security is projected to face in the coming years. Furthermore, the bill includes measures to protect and strengthen the Social Security Disability Insurance (SSDI) program. This includes reforms to streamline the application process, improve access to benefits for individuals with disabilities, and ensure that SSDI recipients receive adequate support. Overall, the Social Security Expansion Act aims to bolster the Social Security program by increasing benefits, enhancing financial stability, and improving access to support for retirees, disabled individuals, and their families. The bill is currently under consideration in Congress and has garnered support from advocates for social security reform.
Congressional Summary of HR 1046
Social Security Expansion Act
This bill increases benefits and certain taxes related to the Social Security program.
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 student.
Changes to taxes include (1) increasing the net investment income tax and making active trade or business income subject to this tax; and (2) extending payroll taxes on wages, salaries, and self-employment earnings to income above $250,000 (the maximum amount subject to the Social Security payroll tax is currently $160,200 for 2023).
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.
Read the Full Bill
Current Status of Bill HR 1046
Bill HR 1046 is currently in the status of Bill Introduced since February 14, 2023. Bill HR 1046 was introduced during Congress 118 and was introduced to the House on February 14, 2023. Bill HR 1046's most recent activity was Referred to the Subcommittee on Social Security. as of December 17, 2024Bipartisan Support of Bill HR 1046
Total Number of Sponsors
3Democrat Sponsors
3Republican Sponsors
0Unaffiliated Sponsors
0Total Number of Cosponsors
68Democrat Cosponsors
68Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 1046
Primary Policy Focus
Social WelfarePotential Impact Areas
Accounting and auditingCongressional oversightDisability assistanceElementary and secondary educationEmployment taxesFinancial services and investmentsGovernment trust fundsHigher educationIncome tax ratesInflation and pricesRailroadsSelf-employedSocial security and elderly assistanceTransportation employeesAlternate Title(s) of Bill HR 1046
Social Security Expansion ActSocial Security Expansion ActTo enhance Social Security benefits and ensure the long-term solvency of the Social Security program.Comments
Most relevant
Sponsors and Cosponsors of HR 1046
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