Social Security Expansion Act

H.R. 1046, the Social Security Expansion Act, proposes to increase monthly Social Security benefits for most recipients and adjust how annual cost-of-living increases are calculated to better reflect the spending patterns of seniors. The bill would also extend benefits for children of retired, disabled, or deceased workers who are full-time students until age 22 and establish a higher minimum benefit to protect low-income earners from poverty. To fund these changes and extend the program's solvency, the legislation would apply Social Security payroll taxes to earnings above $250,000 and increase taxes on investment and business income for high-earning households. Additionally, the bill would combine the separate Social Security trust funds for retirement and disability into one single fund.