H.R. 5050 · 117th Congress
Social Security Enhancement and Protection Act of 2021
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Never voted on. It didn't reach a floor vote before the 117th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
MooreSponsorNo cosponsors.
This bill increases certain Social Security taxes and benefits.
What it does: CRS summary · Introduced in House · Aug 17, 2021
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.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Social Security Enhancement and Protection Act of 2021
Latest action (Aug 17, 2021): Referred to the Subcommittee on Social Security.
Policy area: Social Welfare · Origin: House · Introduced: Aug 17, 2021
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.