Social Security 2100 Act
Latest action · Nov 17, 2014 Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 31, 2014
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
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.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Aug 1, 2014 to Sep 18, 2014.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-OR | Peter A. DeFazio | Aug 1, 2014 | |
| D-MA | Michael E. Capuano | Sep 18, 2014 |
Actions 3
Everything that happened, newest first.
- Nov 17, 2014Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
- Jul 31, 2014Introduced in House
- Jul 31, 2014Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 500 | Keeping Our Social Security Promises Act | Related bill | Mar 7, 2013 |
| HR 1029 | No Loopholes in Social Security Taxes Act | Related bill | Mar 7, 2013 |
Subjects
Assigned by the Library of Congress. Policy area: Social Welfare.
- Accounting and auditing
- Employment taxes
- Executive agency funding and structure
- Financial services and investments
- Government trust funds
- Income tax exclusion
- Income tax rates
- Inflation and prices
- Securities
- Social Security Administration
- Social security and elderly assistance
- Social Welfare
- Wages and earnings
Text 1
Each version as it was printed, newest first.
- Jul 31, 2014Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.