US Congress Senate Bill 427 (Prior Session Legislation)

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Spectrum: Moderate Partisan Bill (Democrat 4-1)
Status: Introduced on February 16 2017 - 25% progression, died in committee
Action: 2017-02-16 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Social Security Expansion Act This bill amends title II (Old Age, Survivors, and Disability Insurance) of the Social Security Act to: (1) increase the primary insurance amount for all eligible beneficiaries, beginning in 2023; (2) revise computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers; and (3) increase the special minimum primary insurance amount for lifetime low earners based on years in the workforce. This bill amends the Internal Revenue Code to: (1) apply employment and self-employment taxes to remuneration up to the contribution and benefit base and to remuneration in excess of $250,000, and (2) increase the tax rate on investment gain from 3.8% to 10% and allocate specified amounts of such tax revenue to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.

Social Security Expansion Act

Sen. Bernard Sanders [I-VT]	Sen. Kirsten Gillibrand [D-NY]	Sen. Jeff Merkley [D-OR]	Sen. Kamala Harris [D-CA]
Sen. Cory Booker [D-NJ]

Date	Chamber	Action
2017-02-16	Senate	Read twice and referred to the Committee on Finance.

HB1114 (Related) 2017-03-01 - Referred to the Subcommittee on Social Security.
HB2896 (Related) 2017-06-22 - Referred to the Subcommittee on Social Security.
HB2855 (Related) 2017-06-20 - Referred to the Subcommittee on Social Security.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/427/all-info
Text	https://www.congress.gov/115/bills/s427/BILLS-115s427is.pdf