Social Security Expansion Act
Sponsored By: Senator Bernie Sanders
Introduced
Summary
would raise Social Security benefits and reshape how the program is funded. This bill would boost monthly payments for many beneficiaries, change how cost-of-living adjustments are measured, set new minimums for long-time low earners, raise taxes on certain high incomes, and create a single Social Security Trust Fund.
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 2 benefits, 2 costs, 0 mixed.
Higher Social Security checks and COLA
If enacted, monthly Social Security checks would grow for many people. The bill would raise the first PIA bend point from 90% to 95% and apply an automatic 18% boost for people first eligible after 2025. Cost-of-living increases would use the CPI-E index once BLS publishes it and the new computation quarter timing applies. Child benefits could continue for full-time students through age 22 in many cases, with short breaks of up to four months treated as continuous. The changes generally take effect January 1, 2026 and the Commissioner must recompute affected PIAs.
Combine Social Security trust funds
If enacted, the bill would merge the Old-Age and Survivors Insurance and Disability Insurance trust funds into one Social Security Trust Fund on January 1 of the first calendar year after enactment. The government would transfer existing securities and then appropriate specified payroll and NIIT-related amounts each year (100% of certain payroll and self-employment taxes and 62% of NIIT). Treasury must make emergency transfers if Trust Fund assets would be inadequate, and the Trust Fund would pay interest on those transfers. The Board of Trustees and actuarial reporting duties would continue and expand.
Higher Social Security tax up to $250,000
If enacted, in years where the official Social Security wage base is less than $250,000, wages above that base and up to $250,000 would become subject to OASDI payroll tax. The rule would also apply to self-employment earnings and railroad compensation and include a successor-employer attribution rule. These rules start for pay and self-employment earnings on or after January 1 of the first calendar year after enactment, but only in years where the statutory base is below $250,000.
Higher tax on investment income
If enacted, the Net Investment Income Tax rate would rise from 3.8% to 16.2% for tax years after enactment. The bill would also expand what counts as investment income and disallow certain net operating loss deductions when computing the tax. Investors and some business owners would likely pay substantially more tax each year under these rules.
Sponsors & CoSponsors
Sponsor
Bernie Sanders
VT • I
Cosponsors
Elizabeth Warren
MA • D
Sponsored 2/27/2025
Jeff Merkley
OR • D
Sponsored 2/27/2025
Peter Welch
VT • D
Sponsored 2/27/2025
Alex Padilla
CA • D
Sponsored 2/27/2025
Tina Smith
MN • D
Sponsored 2/27/2025
Chris Van Hollen
MD • D
Sponsored 2/27/2025
Edward Markey
MA • D
Sponsored 2/27/2025
Cory Booker
NJ • D
Sponsored 2/27/2025
Kirsten Gillibrand
NY • D
Sponsored 2/27/2025
Sheldon Whitehouse
RI • D
Sponsored 2/27/2025
Roll Call Votes
No roll call votes available for this bill.
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