# 119-hr-4968: Protecting and Preserving Social Security Act

119-hr-4968, Protecting and Preserving Social Security Act, is a 119th Congress bill sponsored by Rep. Tokuda, Jill N. [D-HI-2] (D-HI); status introduced; PRIA reads it as touching household money (as of 2026-07-15).

- Canonical: https://policyrisk.com/legislation/119-hr-4968
- As of: 2026-07-15
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Bill: 119-hr-4968
- Congress: 119
- Title: Protecting and Preserving Social Security Act
- Status: introduced
- Introduced: 2025-08-12
- Sponsor: Rep. Tokuda, Jill N. [D-HI-2] (D-HI)
- Cosponsors: 11
- Policy area: Social Welfare
- Touches household money: yes
- Last recorded action: 2026-07-15

## Summary

**Would base Social Security cost-of-living adjustments on a new Consumer Price Index for Elderly Consumers (CPI-E).** The bill would also phase in rules changing how pay above the contribution cap is counted for taxes and add a new “surplus earnings” piece to benefit calculations. - Older beneficiaries would get COLAs tied to a CPI-E published monthly by the Bureau of Labor Statistics. Any increases from that change would not count as income or resources for SSI or Medicaid recipients. - The share of earnings above the Social Security taxable wage base that counts for payroll taxes would be phased down starting in 2026 and would reach 0% by 2032. - People who first become eligible after 2025 would have the benefit formula changed to include “surplus earnings” and new bend points. The bill would allocate about 3% of surplus average indexed monthly earnings and sets a 2026 surplus base of $8,933 for the new calculation.

## Cosponsors (11)

- Rep. Pettersen, Brittany [D-CO-7] (D-CO), 2025-08-12T00:00:00.000Z
- Rep. Tlaib, Rashida [D-MI-12] (D-MI), 2025-08-12T00:00:00.000Z
- Rep. Magaziner, Seth [D-RI-2] (D-RI), 2025-08-12T00:00:00.000Z
- Rep. Cohen, Steve [D-TN-9] (D-TN), 2025-08-12T00:00:00.000Z
- Rep. Tonko, Paul [D-NY-20] (D-NY), 2025-08-12T00:00:00.000Z
- Rep. Pingree, Chellie [D-ME-1] (D-ME), 2025-08-12T00:00:00.000Z
- Del. Norton, Eleanor Holmes [D-DC-At Large] (D-DC), 2025-08-12T00:00:00.000Z
- Rep. Frankel, Lois [D-FL-22] (D-FL), 2025-08-19T00:00:00.000Z
- Rep. Escobar, Veronica [D-TX-16] (D-TX), 2025-08-19T00:00:00.000Z
- Rep. Schakowsky, Janice D. [D-IL-9] (D-IL), 2025-08-26T00:00:00.000Z
- Rep. Thanedar, Shri [D-MI-13] (D-MI), 2026-07-13T00:00:00.000Z

## Provisions PRIA read

- Extra Social Security credit for high earnings: benefit, medium. If enacted, people first eligible after 2025 would get added benefit credit for pay above the wage base. The formula would give 3% of surplus AIME up to $8,933 in 2026 (indexed in later years). It would also add 0.25% on surplus AIME plus one‑twelfth of the base above that threshold. This could rai…
- Use senior inflation for Social Security COLAs: benefit, medium. If enacted, the government would publish a monthly inflation index for older consumers (CPI‑E). Starting the year after enactment, publication would begin for months ending on or after July 31. Social Security COLAs would use this index for computation quarters ending on or after September 30 of th…
- Lower Social Security tax on top wages: mixed, high. If enacted, only part of pay above the Social Security wage base would be taxed and credited. The share would drop by year: 2026 86%; 2027 71%; 2028 57%; 2029 43%; 2030 29%; 2031 14%; after 2031 0%. This would cut payroll tax on those extra wages now. It could also lower your future Social Security…

## Related bills

- 119-hr-9877: Health Equity and Accountability Act of 2026
- 119-hr-7977: Energy Bills Relief Act
- 119-hr-7973: Momnibus Act
- 119-hr-7853: PrEP Access and Coverage Act of 2026
- 119-hr-51: Washington, D.C. Admission Act
- 119-hr-20: Richard L. Trumka Protecting the Right to Organize Act of 2025

## Sources
- [119-hr-4968 on Congress.gov](https://www.congress.gov/bill/119th-congress/house-bill/4968)

## Related
- [119-hr-9877: Health Equity and Accountability Act of 2026](https://policyrisk.com/legislation/119-hr-9877)
- [119-hr-7977: Energy Bills Relief Act](https://policyrisk.com/legislation/119-hr-7977)
- [119-hr-7973: Momnibus Act](https://policyrisk.com/legislation/119-hr-7973)
- [119-hr-7853: PrEP Access and Coverage Act of 2026](https://policyrisk.com/legislation/119-hr-7853)
- [119-hr-51: Washington, D.C. Admission Act](https://policyrisk.com/legislation/119-hr-51)
- [119-hr-20: Richard L. Trumka Protecting the Right to Organize Act of 2025](https://policyrisk.com/legislation/119-hr-20)
- [All bills in Congress](https://policyrisk.com/legislation)

Source: PRIA, https://policyrisk.com/legislation/119-hr-4968 (as of 2026-07-15).