Social Security Expansion Act

The Social Security Expansion Act (S. 4365) proposes to increase monthly Social Security benefits by approximately $200 for most recipients and adopts a new formula for calculating cost-of-living adjustments (COLAs) to better reflect the rising costs of healthcare and housing for seniors. The bill would also extend benefit eligibility for children of disabled or deceased workers who are full-time students until age 22 and establish a higher minimum benefit to protect low-income workers from poverty. To fund these changes and extend the program's solvency, the legislation would apply the Social Security payroll tax to earnings above $250,000 and increase taxes on investment and business income for high earners.