US Congress Senate Bill 731 (Prior Session Legislation)

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Spectrum: Partisan Bill (Independent 1-0)
Status: Introduced on March 12 2015 - 25% progression, died in committee
Action: 2015-03-12 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Social Security Expansion Act Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to: increase the primary insurance amount for all eligible beneficiaries, beginning in 2021; revise computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers; increase the special minimum primary insurance amount for lifetime low earners based on years in the workforce. Amends the Internal Revenue Code to: (1) apply employment and self-employment taxes to remuneration up to the contribution and benefit base and to remuneration in excess of $250,000; and (2) increase the tax on investment gain from 3.8% to 10% of the lesser of net investment income for such taxable year or the excess (if any) of the modified adjusted gross income for such taxable year, over the threshold amount, with 62% of such tax allocated to the Federal Old-Age and Survivors Insurance Trust Fund and 9% allocated to the Federal Disability Insurance Trust Fund.

Social Security Expansion Act

Sen. Bernard Sanders [I-VT]

Date	Chamber	Action
2015-03-12	Senate	Read twice and referred to the Committee on Finance.

HB1391 (Related) 2015-04-29 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
HB5367 (Related) 2016-09-19 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.

Type	Source
Summary	https://www.congress.gov/bill/114th-congress/senate-bill/731/all-info
Text	https://www.congress.gov/114/bills/s731/BILLS-114s731is.pdf