What this bill does
AI plain-language summaryThis bill makes several changes to Social Security. It would gradually remove the cap on how much income is taxed for Social Security, so that by 2035 all earnings would be subject to Social Security taxes instead of just earnings up to $176,100. The bill would also slowly increase Social Security taxes for both workers and employers from 6.2% to 6.5% over six years. It creates a new way to calculate benefits for people who earned low wages throughout their lives and increases benefits for some long-term recipients. Additionally, children of Social Security beneficiaries could continue receiving benefits until age 26 if they are full-time college students, and these benefit increases would not count as income when determining eligibility for other government programs.
Your Vote
Discussion (0)
Explain what is at stake in this bill.
No comments yet. Be the first.