legislation: 116-hr-5392

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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
116-hr-5392 116 hr 5392 Social Security Enhancement and Protection Act of 2019 Social Welfare 2019-12-11 2019-12-11 Referred to the House Committee on Ways and Means. House Rep. Moore, Gwen [D-WI-4] WI D M001160 4 Social Security Enhancement and Protection Act of 2019 This bill makes various changes to the Old-Age, Survivors, and Disability Insurance program (commonly known as Social Security) to increase payroll tax rates and certain benefits. Under current law, Social Security has a taxable earnings base, which refers to the maximum amount of a worker's earnings that are subject to Social Security payroll taxes (set at $137,700 in 2020). Additionally, the taxable earnings base serves as the maximum amount of earnings used to calculate a worker's Social Security benefits. This bill gradually increases the Social Security payroll tax rate from 6.2% to 6.5% over six years. It also phases out the taxable earnings base, thereby applying the payroll taxes to a greater amount of a worker's earnings, and revises the method to calculate a worker's Social Security benefits to account for earnings in excess of the taxable earnings base. Other changes to benefits include establishing a new method to calculate benefits for lifetime low earners and increasing benefits for certain beneficiaries on account of long-term eligibility. In addition, an eligible child of a retired, disabled, or deceased worker may continue to receive benefits through age 26, provided the child is a full-time student. 2022-10-28T01:45:59Z  

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