US HB1391 | 2015-2016 | 114th Congress
Status
Spectrum: Partisan Bill (Democrat 106-0)
Status: Introduced on March 17 2015 - 25% progression, died in committee
Action: 2015-04-29 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Pending: House Subcommittee on Health, Employment, Labor, and Pensions Committee
Text: Latest bill text (Introduced) [PDF]
Status: Introduced on March 17 2015 - 25% progression, died in committee
Action: 2015-04-29 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Pending: House Subcommittee on Health, Employment, Labor, and Pensions Committee
Text: Latest bill text (Introduced) [PDF]
Summary
Social Security 2100 Act Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSAct) to: increase the primary insurance amount formula factor from 90% to 93% for all eligible beneficiaries, beginning in 2016; revise computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers; increase the special minimum primary insurance amount for lifetime low earners based on years in the workforce. Amends the Internal Revenue Code (IRC) to increase the gross income threshold for taxation of Social Security benefits from $25,000 to $50,000 for single taxpayers and from $32,000 to $100,000 for married taxpayers filing joint returns, beginning in 2016. Amends the IRC and SSAct title II to impose the employment tax on all wage income above $400,000, effective in 2016. Requires incremental increases, up to 15.3% in 2084, in the employment and self-employment taxes. Amends SSAct title II to include 2% of an individual's excess average indexed monthly earnings (over $400,000 per annum) in the formula for determining primary insurance amounts. Amends IRC to increase the Social Security tax rate on employees and employers and with respect to self-employment income. Requires reallocation of a portion of employment tax revenues from the OASDI Trust Fund to the Federal Disability Insurance Trust Fund for wages paid after 2014.
Title
Social Security 2100 Act
Sponsors
History
Date | Chamber | Action |
---|---|---|
2015-04-29 | House | Referred to the Subcommittee on Health, Employment, Labor, and Pensions. |
2015-03-27 | House | Referred to the Subcommittee on Social Security. |
2015-03-25 | House | Sponsor introductory remarks on measure. (CR H2029-2031) |
2015-03-17 | House | Referred to House Education and the Workforce |
2015-03-17 | House | Referred to House Ways and Means |
2015-03-17 | House | Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the Workforce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. |
2015-03-17 | House | Introduced in House |
Same As/Similar To
SB731 (Related) 2015-03-12 - Read twice and referred to the Committee on Finance.
SB1904 (Same As) 2015-07-30 - Read twice and referred to the Committee on Finance.
SB1904 (Same As) 2015-07-30 - Read twice and referred to the Committee on Finance.
Subjects
Aging
Disability assistance
Employment taxes
Government trust funds
Inflation and prices
Interest, dividends, interest rates
Self-employed
Social security and elderly assistance
Social welfare
Wages and earnings
Disability assistance
Employment taxes
Government trust funds
Inflation and prices
Interest, dividends, interest rates
Self-employed
Social security and elderly assistance
Social welfare
Wages and earnings
US Congress State Sources
Type | Source |
---|---|
Summary | https://www.congress.gov/bill/114th-congress/house-bill/1391/all-info |
Text | https://www.congress.gov/114/bills/hr1391/BILLS-114hr1391ih.pdf |