US HB2302 | 2019-2020 | 116th Congress

Status

Spectrum: Moderate Partisan Bill (Democrat 8-1)
Status: Introduced on April 12 2019 - 25% progression
Action: 2019-04-12 - Referred to the Subcommittee on Social Security.
Pending: House Subcommittee on Social Security Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Protecting and Preserving Social Security Act This bill revises the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phases out the cap on compensation subject to Social Security taxation. The bill directs the Bureau of Labor Statistics to prepare and publish a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. The Social Security Administration shall use the CPI-E to calculate the cost-of-living adjustment for OASDI benefits, where it currently uses the Consumer Price Index for Urban Wage Earners and Clerical Workers. The bill phases out and after 2025 eliminates the cap on compensation ($132,900 in 2019) subject to Social Security taxation. This change applies to both wage earners and the self-employed. The bill also changes the calculation for the primary insurance amount (the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age) by including the additional earnings that are now taxed as a result of the cap elimination.

Tracking Information

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Title

Protecting and Preserving Social Security Act

Sponsors


History

DateChamberAction
2019-04-12HouseReferred to the Subcommittee on Social Security.
2019-04-12HouseReferred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and Labor, 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.
2019-04-12HouseReferred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and Labor, 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.
2019-04-12HouseReferred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and Labor, 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.
2019-04-12HouseIntroduced in House

Same As/Similar To

SB1132 (Related) 2019-04-10 - Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2389)
HB2654 (Related) 2019-05-09 - Referred to the Committee on Ways and Means, and in addition to the Committee on Education and Labor, 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.

Subjects


US Congress State Sources


Bill Comments

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