S. 2382 · 113th Congress
Fair Raises for Seniors 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
MerkleySponsorNo cosponsors.
Fair Raises for Seniors Act - Directs the Bureau of Labor Statistics (BLS) of the Department of Labor to publish for each calendar month a Consumer Price Index for Elderly Consumers (CPI-E) that indicates the average change over time in the prices paid by individuals in the United States who are age 62 and older for a market basket of consumer goods and…
What it does: CRS summary · Introduced in Senate · May 22, 2014
Fair Raises for Seniors Act - Directs the Bureau of Labor Statistics (BLS) of the Department of Labor to publish for each calendar month a Consumer Price Index for Elderly Consumers (CPI-E) that indicates the average change over time in the prices paid by individuals in the United States who are age 62 and older for a market basket of consumer goods and services.
Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act to make the CPI-E the applicable Consumer Price Index (CPI) for computation of cost-of-living increases in OASDI benefits for such individuals.
Amends the Internal Revenue Code to exclude from wages for purposes of employment and self-employment taxes (under the Federal Insurance Contributions Act [FICA] for OASDI insurance): (1) any remuneration up to $250,000 of the amount of the contribution and benefit base, and (2) only so much of that remuneration that is less than $250,000.
Amends SSA title II to include 1% or $1,000 (whichever is less) of surplus average indexed monthly earnings in the determination of primary OASDI amounts.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Fair Raises for Seniors Act
Latest action (May 22, 2014): Read twice and referred to the Committee on Finance.
Policy area: Social Welfare · Origin: Senate · Introduced: May 22, 2014
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.