legislation: 113-hr-5306

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bill_id congress bill_type bill_number title policy_area introduced_date latest_action_date latest_action_text origin_chamber sponsor_name sponsor_state sponsor_party sponsor_bioguide_id cosponsor_count summary_text update_date url
113-hr-5306 113 hr 5306 Social Security 2100 Act Social Welfare 2014-07-31 2014-11-17 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. House Rep. Larson, John B. [D-CT-1] CT D L000557 2 Social Security 2100 Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to: increase the primary insurance amount formula factor from 90% to 93% for all eligible beneficiaries, beginning in 2015; revise computation of cost-of-living adjustments (COLAs) to use the Consumer Price Index for Elderly Consumers (CPI-E); increase the special minimum primary insurance amount (25% above the federal poverty line) 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 2015. Amends the IRC and SSA title II to impose the employment tax on all wage income above $400,000, effective in 2015. Requires incremental increases, up to 14.4% in 2037, in the employment and self-employment taxes. Amends SSA 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. Amends SSA title II to establish an Independent Social Security Investment Oversight Board to: set up a Common Stock Old-Age Investment Fund in the Federal Old-Age and Survivors Insurance Trust Fund and a Common Stock Disability Investment Fund in the Federal Disability Insurance Trust Fund, and prescibe rules for the investment of the Common Stock Investment Funds in common stock. 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. 2023-01-11T13:25:54Z  

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