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 students.
Changes to taxes include increasing the net investment income tax for certain taxpayers and extending payroll taxes on wages, salaries, and self-employment earnings to income above $250,000. Under current law, the maximum amount subject to the Social Security payroll tax is $132,900 for 2019.
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.
Expand Social Security
I believe in making sure our elders, widows and people with disabilities have a quality of living. Social Security benefits serve more than 69 million Americans even though those supports are not enough. I will join my colleagues on the hill to support and champion expanding these essential benefits by joining the Expand Social Security Act.
The Expand Social Security Act, legislation would increase benefits by about $1,342 a year for seniors now making less than $16,000 annually and increase cost-of-living adjustments by more accurately measuring the spending patterns of seniors. The bill would also ensure that social security could pay every benefit owed to every eligible Americans for the next 52 years, by asking the wealthiest Americans to contribute their fair share.
We must ensure our elders can retire in comfort, as well as protecting and building up our Social Security Benefits, so we may have this essential security net for the current labor class of America.