Social Security Expansion Act

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 ensuring 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.