119th Congress Social Welfare
S. 770: Social Security Expansion Act
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill increases Social Security benefits, expands Social Security payroll taxes, and makes other changes to the Social Security program.
Specifically, the bill changes the way Social Security benefits are calculated by increasing the primary insurance amount applicable to average monthly earnings that fall below a specified amount, and increasing bend points for individuals who become eligible for Social Security after 2025. (Bend points are dollar amounts at which earnings are segmented for the purpose of calculating an individual’s primary insurance amount. The share of an individual’s earnings that are replaced by Social Security decreases at each escalating bend point.)
The bill also revises the method of calculating cost-of-living adjustments to account for the spending of individuals over the age of 62 and establishes a new minimum benefit for certain low earners. Further, the bill permits full-time students who are the children of deceased or disabled workers to collect Social Security or railroad retirement child’s benefits until they reach age 22.
Read the full summary
With respect to taxes, the bill extends payroll taxes on wages, salaries, and self-employment earnings to income above $250,000. (In 2025, the maximum amount subject to Social Security payroll tax is $176,100.) The bill also increases the net investment income tax and subjects active trade or business income to this tax.
Finally, the bill 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.
Written by the Congressional Research Service, Library of Congress.
Roll calls
No roll call votes have been held on this bill.
Amendments
No amendments were offered to this bill.
Cosponsors
- Cory Booker D-NJOriginal
- Kirsten Gillibrand D-NYOriginal
- Edward Markey D-MAOriginal
- Jeff Merkley D-OROriginal
- Alejandro Padilla D-CAOriginal
- Tina Smith D-MNOriginal
- Chris Van Hollen D-MDOriginal
- Peter Welch D-VTOriginal
- Sheldon Whitehouse D-RIOriginal
- Elizabeth Warren D-MAOriginal
Who scored on this bill
- 1Bernard Sanders SponsorDrew cross-party cosponsors, introduced2 events+6
See all scorers and every scoring event
Introductions and cosponsorships count toward weekly caps and show no points.
Other bills by Bernard Sanders
History
- Introduced in the Senate by Bernard Sanders.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Finance.