Protecting and Preserving Social Security Act
Latest action · Apr 10, 2019 Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2389)
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.
- IntroducedApr 10, 2019
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
Protecting and Preserving Social Security Act
This bill revises the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phases out the cap on compensation subject to Social Security taxation.
The bill directs the Bureau of Labor Statistics to prepare and publish a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. The Social Security Administration shall use the CPI-E to calculate the cost-of-living adjustment for OASDI benefits, where it currently uses the Consumer Price Index for Urban Wage Earners and Clerical Workers.
The bill phases out and after 2025 eliminates the cap on compensation ($132,900 in 2019) subject to Social Security taxation. This change applies to both wage earners and the self-employed.
The bill also changes the calculation for the primary insurance amount (the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age) by including the additional earnings that are now taxed as a result of the cap elimination.
Cosponsors 3
Members who signed on, in the order they did. All signed on Apr 10, 2019.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| D-OR | Jeff Merkley | Original | Apr 10, 2019 |
| D-NY | Kirsten E. Gillibrand | Original | Apr 10, 2019 |
| D-MN | Tina Smith | Original | Apr 10, 2019 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| Senate | Finance Committee | Referred Apr 10, 2019 |
Actions 2
Everything that happened, newest first.
- Apr 10, 2019Introduced in Senate
- Apr 10, 2019Read twice and referred to the Committee on Finance. (Sponsor introductory remarks on measure: CR S2389)
In the Congressional Record 1
Days the Record’s own index lists this bill, newest first, with the pages and the members it names. Pages starting H are the House, S the Senate, E Extensions of Remarks.
| Where | In the Record | Members | Date |
|---|---|---|---|
| Senate | Debate and remarks S2389 | Mazie K. Hirono D-HI | Apr 10, 2019 |
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
CRS reports 1
Congressional Research Service work that CRS links to this bill or the law it became, newest first.
Cite it 1
Products on other subjects that cite it, usually among other measures.
| Product | Title | Kind | Published |
|---|---|---|---|
| RL32896 | Social Security: Raising or Eliminating the Taxable Earnings Base | Report | Dec 22, 2021 |
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 1600 | Protecting and Preserving Social Security Act | Reintroduction of | Jul 20, 2017 |
| HR 2302 | Protecting and Preserving Social Security Act | Related bill | Apr 15, 2019 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- A bill to amend title II of the Social Security Act and the Internal Revenue Code of 1986 to make improvements in the old-age, survivors, and disability insurance program, and to provide for Social Security benefit protection.
- Short Title(s) as Introduced
- Protecting and Preserving Social Security Act
Subjects
Assigned by the Library of Congress. Policy area: Social Welfare.
Text 1
Each version as it was printed, newest first.
- Apr 10, 2019Introduced in Senate
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; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
