legislation: 117-hr-5050

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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
117-hr-5050 117 hr 5050 Social Security Enhancement and Protection Act of 2021 Social Welfare 2021-08-17 2021-08-17 Referred to the Subcommittee on Social Security. House Rep. Moore, Gwen [D-WI-4] WI D M001160 0 Social Security Enhancement and Protection Act of 2021 This bill increases certain Social Security taxes and 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 $148,200 in 2021). 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. 2023-06-07T15:02:28Z  

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