H.R. 5306 · 113th Congress
Social Security 2100 Act
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Never voted on. It didn't reach a floor vote before the 113th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
LarsonSponsor2 cosponsors · 2 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Social Security 2100 Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to:
What it does: CRS summary · Introduced in House · Jul 31, 2014
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Social Security 2100 Act
Latest action (Nov 17, 2014): Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Policy area: Social Welfare · Origin: House · Introduced: Jul 31, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.