3.0.0 1904 2023-01-11T13:30:01Z 2023-01-11T13:30:01Z Senate S 2015-07-30 114 ssfi00 Finance Committee Senate Standing Referred to 2015-07-30T21:47:10Z Social Security 2100 Act 114 1391 HR 2015-04-29 Referred to the Subcommittee on Health, Employment, Labor, and Pensions. Identical bill CRS 2015-07-30 ssfi00 Finance Committee Senate Read twice and referred to the Committee on Finance. IntroReferral 2015-07-30 Introduced in Senate IntroReferral 10000 9 Library of Congress B001277 Sen. Blumenthal, Richard [D-CT] Richard Blumenthal D CT N Social Welfare Aging Disability assistance Employment taxes Government trust funds Inflation and prices Interest, dividends, interest rates Self-employed Social security and elderly assistance Wages and earnings Social Welfare 00 2015-07-30 Introduced in Senate 2015-09-24T16:38:30Z Social Security 2100 Act

This bill amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSAct) to:

  • increase the primary insurance amount formula factor from 90% to 93% for all eligible beneficiaries, beginning in 2016;
  • revise computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers;
  • increase the special minimum primary insurance amount for lifetime low earners based on years in the workforce.

Amends the Internal Revenue Code (IRC) to increase the gross income threshold for taxation of Social Security benefits from $25,000 to $50,000 for single taxpayers and from $32,000 to $100,000 for married taxpayers filing joint returns, beginning in 2016.

Amends the IRC and SSAct title II to impose the employment tax on all wage income above $400,000, effective in 2016. Requires incremental increases, up to 15.3% in 2084, in the employment and self-employment taxes.

Amends SSAct title II to include 2% of an individual's excess average indexed monthly earnings (over $400,000 per annum) in the formula for determining primary insurance amounts.

Amends IRC to increase the Social Security tax rate on employees and employers and with respect to self-employment income.

Requires reallocation of a portion of employment tax revenues from the OASDI Trust Fund to the Federal Disability Insurance Trust Fund for wages paid after 2014.

]]> Social Security 2100 Act Display Title Social Security 2100 Act Official Title as Introduced A bill to protect our Social Security system and improve benefits for current and future generations. Introduced in Senate IS Short Titles as Introduced Social Security 2100 Act Introduced in Senate 2015-07-30T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s1904is/xml/BILLS-114s1904is.xml 2015-07-30 Read twice and referred to the Committee on Finance. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.