Social Security Expansion Act

Social Security Expansion Act

This Bill has:
4% Democratic Support in the Senate
15% Democratic Support in the House

    This bill was introduced by Peter DeFazio in the house and by Bernie Sanders in the senate.
    This bill amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to: (1) increase the primary insurance amount for all eligible beneficiaries, beginning in 2023; (2) revise computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers; and (3) increase the special minimum primary insurance amount for lifetime low earners based on years in the workforce. This bill 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 rate on investment gain from 3.8% to 10% and allocate specifed amounts of such tax revenue to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund.
Senate Bill: S. 427
Democratic Support: 2
Introduced by: Sen. Sanders, Bernard [I-VT] (Introduced 02/16/2017)
Latest Action: 02/16/2017 Read twice and referred to the Committee on Finance.


Bernie Sanders on Expanding Social Security

Peter DeFazio on Social Security