Subsection (c) of section 86 of such Code is amended to read as follows: For purposes of this section, the term base amount means. The amendments made by this section shall apply with respect to individuals who initially become eligible (within the meaning of section 215(a)(3)(B) of the Social Security Act) for old-age or disability insurance benefits under title II of the Social Security Act, or who die (before becoming eligible for such benefits), in any calendar year after 2021. A qualifying month shall not be taken into account under this section with respect to an individual unless, the individual submits to the Commissioner of Social Security an application for benefits under this section that includes. 202. Subsection (m) of section 6654 of the Internal Revenue Code of 1986 is amended to read as follows: Special rule for certain employment taxes. Section 209(k)(1) of such Act (42 U.S.C. 402(d)(6)(E)) is amended by striking (if later) and all that follows to the end and inserting the following: the month in which the child attains the age of 26. Section 211(b) of the Social Security Act (42 U.S.C. Section 6402(d)(3)(C) of the Internal Revenue Code of 1986 is amended by striking Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund, whichever is certified to the Secretary as appropriate by the Commissioner of Social Security and inserting Social Security Trust Fund. Application to tier I railroad retirement tax. Section 3231(e)(2)(A)(ii) of the Internal Revenue Code of 1986 is amended by inserting or (iv) after under clause (i). 401(a)) is amended to read as follows: There is hereby created on the books of the Treasury of the United States a trust fund to be known as the Social Security Trust Fund. 82, Larson Commends President Bidens Calls to Protect and Expand Social Security. 901 et seq.) This bill was introduced in the 117th Congress, which met from Jan 3, 2021 to Jan 3, 2023. in paragraph (1), by striking the Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund and inserting the Social Security Trust Fund; and. 402) are each amended by striking section 215(f)(5), 215(f)(6), or 215(f)(9)(B) in subparagraphs (C) and (D)(i) and inserting paragraph (5) or (6) of section 215(f). in section 202(x)(3)(B)(iii), by striking the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, as appropriate, and inserting the Social Security Trust Fund; in section 206(d)(5), by striking the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, as appropriate and inserting the Social Security Trust Fund; in section 206(e)(3)(B), by striking the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund and inserting the Social Security Trust Fund; in section 208(b)(5)(A), by striking the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, as appropriate and inserting the Social Security Trust Fund; by striking the combined balance in the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund and inserting the balance in the Social Security Trust Fund; and, by striking and reduced by the outstanding amount of any loan (including interest thereon) theretofore made to either such Fund from the Federal Hospital Insurance Trust Fund under section 201(l); and, by striking the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund and inserting the Social Security Trust Fund; and. The new minimum benefit will be set at 25% above the poverty line and would be tied to wage levels to ensure that the minimum benefit does not fall behind. Subsection (a) of section 86 of the Internal Revenue Code of 1986 is amended to read as follows: Gross income for the taxable year of any taxpayer described in subsection (b) (notwithstanding section 207 of the Social Security Act) includes Social Security benefits in an amount equal to the lesser of, 85 percent of the Social Security benefits received during the taxable year, or. $1341 new minimum Social Security benefit explainedIn this video, we discussed the new $1300 Social Security minimum benefit as a result of the Social Securi. in the flush matter following subparagraph (E)(ii), as so redesignated, by striking becomes entitled to an old-age insurance benefit and all that follows through such deceased individual,; by striking subparagraph (A) in paragraph (2) and inserting the following: Except as provided in subsection (k)(5), subsection (q), and subparagraph (D) of this paragraph, such widows insurance benefit for each month shall be equal to the greater of, the primary insurance amount (as determined for purposes of this subsection after application of subparagraphs (B) and (C)) of such deceased individual, or. This bill, which also lifts the cap on Social Security contributions and uses the . in the case of any calendar year in which such contribution and benefit base equals or exceeds $400,000, clause (i) shall not apply. Subsections (e)(1) and (f)(1) of section 202 of such Act (42 U.S.C. subject to paragraph (9), in the case of a fully insured widow or surviving divorced wife, 75 percent of the sum of any old-age or disability insurance benefit for which the widow or the surviving divorced wife is entitled for such month and the primary insurance amount (as determined for purposes of this subsection after application of subparagraphs (B) and (C)) of such deceased individual. by adding at the end of subclause (I) the following: if higher (and if such second calendar year is after 2021), the highest national average wage index (as so defined) for any calendar year before such second calendar year, by, Modification related to reduction of benefits based on disability. the national average wage index (as so defined) for 2020. the term year of work means, with respect to an individual, a year to which 4 quarters of coverage have been credited based on such individuals wages and self-employment income; and. . This legislation would apply the payroll tax to wages above $400,000 so the wealthy pay the same rate as a waitress earning $30,000 a year. Preventing an unintended drop in benefits relating to the application of the National Average Wage Index, Modifications related to computation of primary insurance amount, by striking the national and inserting (aa) the national; and, by striking , by at the end and inserting ; or; and. Improving benefits for widows and widowers in two-income households, Section 202(e) of the Social Security Act (42 U.S.C. Section 202(d)(7)(B) of such Act (42 U.S.C. For purposes of applying subparagraphs (A) and (B) of section 215(i)(1) of the Social Security Act in any calendar year, nothing in this section or the amendments made by this section shall be considered a general benefit increase under title II of such Act. Subsection (f)(2)(B) of section 3720A of title 31, United States Code, is amended by striking Federal Old-Age and Survivors Insurance Trust Fund or the Federal Disability Insurance Trust Fund, whichever is certified to the Secretary of the Treasury as appropriate by the Commissioner of Social Security and inserting Social Security Trust Fund. If youve visited a bill page on GovTrack.us recently, you may have noticed a new study guide tab located just below the bill title. H.R.5723 - Social Security 2100: A Sacred Trust 117th Congress (2021-2022) Bill Hide Overview More on This Bill Constitutional Authority Statements CBO Cost Estimates [0] Subject Policy Area: Social Welfare Summary (0) Text (1) Actions (6) Titles (2) Amendments (0) Cosponsors (202) Committees (3) Related Bills (5) This Act may be cited as Social Security 2100: A Sacred Trust. Added 12/03/2021 at 05:49 PM. Waters, Mr. Welch, Ms. Williams of Georgia, Ms. Wilson of Florida, and Mr. Yarmuth) introduced the following bill; which was referred to the Committee on Ways and Means, and in addition to the Committees on Education and Labor, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. Were looking for feedback from educators about how GovTrack can be used and improved for your classroom. Hartford, CT Today, Rep. John B. Larson (CT-01) released this statement following President Bidens calls to protect Social Security from Republican attacks and expand the program for beneficiaries. 110. Including earnings over $400,000 in Social Security benefit formula. Its an open protocol, which means it does not have an owner using the platform |author=117th Congress (2021) Dear Chairman Larson: I am writing in response to your request for our estimates of the financial effects on Social Security of enacting . Feb 20, 2023. There are lots of pluses and minuses in the Social Security 2100: A Sacred Trust bill, the 100-page Social Security revamp introduced Tuesday by Rep. John Larson, D.-Conn., according to Wade. RT @kppotatoes: Social Security contributions stop at your first $160,200for millionaires that happens today, 59 days into the year. Ensuring access to professional representation. Help us develop the tools to bring real-time legislative data into the classroom. 415(i)(1)(B))) ending on September 30 of calendar years 2022 through 2026. Please help us make GovTrack better address the needs of educators by joining our advisory group. Congressman Larson's Committee Assignments, Invite me to an event or schedule a meeting, Larson Fights to Protect Seniors and Workers from Republican Attacks, One party is working to protect and enhance Social Security, Larson Commends Sanders, Warren, Schakowsky, and Hoyle for Social Security Legislation, Larson: Republicans Continue Their Promises to End Social Security as We Know It, Larson: Congress Must Vote to Protect and Expand Social Security, Larson Statement on Social Security COLA Increase for 2023, Column: Young people need to fight for Social Security now more than ever, Los Angeles Times: Column: Young people need to fight for Social Security now, Larson Statement on Upcoming COLA Increase, Larson Statement on the Ways and Means Markup of H.R. 402(d)(1)(G)(i)) is amended by striking the earlier of and all that follows through substantial gainful activity), and inserting the third month following the earliest month after the end of such period of trial work with respect to which such individual is determined to no longer be suffering from a disabling physical or mental impairment,. Add a note about this bill. The term social security benefits has the meaning given such term by section 86(d)(1) of the Internal Revenue Code of 1986. in paragraph (2)(B), by striking the Federal Old-Age and Survivors Insurance Trust Fund and inserting the Social Security Trust Fund. For purposes of determining entitlement to and the amount of any monthly benefit for any month after December 2021, or entitlement to and the amount of any lump-sum death payment in the case of a death after such month, payable under this title on the basis of the wages and self-employment income of any individual, and for purposes of section 216(i)(3), such individual shall be deemed to have been paid during each qualifying month (in addition to wages or self-employment income actually paid to or derived by such individual during such month) at an amount per month equal to, in the case of a qualifying month during which no wages or self-employment income were actually paid to or derived by such individual, 50 percent of 1/12 of the national average wage index (as defined in section 209(k)(1)) for the second calendar year preceding the calendar year in which such month occurs; and. in subsection (b)(2), by striking Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund and inserting Social Security Trust Fund; by striking Secretary of Health, Education, and Welfare each time it appears and inserting Commissioner of Social Security; and, by striking Federal Old-Age and Survivors Insurance Trust Fund, the Federal Disability Insurance Trust Fund, each time it appears and inserting Social Security Trust Fund; and. 2100 Act: A Sacred Trust bill could pass in 2022 and shore up the program's shortfall. Social Security would see its first increase in 50 years if a bill co-sponsored by Alabama Congresswoman Terri Sewell becomes law. 402(f)) is amended. {{cite web in the case of a monthly insurance benefit under subsection (d), (g), or (h), the full increase amount determined under this subparagraph shall be the percentage of the amount determined under clause (i) equal to the ratio which the amount of such benefit bears to the primary insurance amount (before the application of section 203(a)) of the individual on whose wages and self-employment income the monthly insurance benefit is based. Section 202(d)(1)(F) of such Act (42 U.S.C. Visit us on Mastodon The amendments made by this section shall apply with respect to applications for monthly insurance benefits filed in months in calendar years 2022 through 2026 and with respect to individuals entitled to such benefits during any such month, except that such amendments shall not apply for purposes of determining continuing eligibility or monthly benefit amounts for monthly insurance benefits for any month after calendar year 2026. WASHINGTONCongressman Dan Kildee (MI-05), Chief Deputy Whip of the House Democratic Caucus, today introduced the Social Security 2100: A Sacred Trust Act , which would increase Social Security benefits for Michiganders while making the system financially strong through the end of the century. 5723. In any case in which an individual is entitled to benefits under both this section and section 223, the increase under this subsection shall be paid from the Federal Old-Age and Survivors Insurance Trust Fund. The Connecticut Congressman stated: "By passing Social Security 2100: A Sacred Trust, we can act now to expand our nation's most effective anti-poverty program and ensure this program remains a 'sacred trust' between the government and its people. by redesignating subsection (m) as subsection (k). Section 1402(b) of the Internal Revenue Code of 1986 is amended to read as follows: The term self-employment income means the net earnings from self-employment derived by an individual, except that such term shall not include net earnings from self-employment if such net earnings for the taxable year are less than $400. such beneficiary shall be entitled to an increase with respect only to one such benefit. |work=Legislation Section 201(c) of such Act, as amended by subsections (b) and (c)(1), is further amended. 1395) is amended. The amounts appropriated by paragraph (2) to any payor fund shall be transferred from time to time (but not less frequently than quarterly) from the general fund of the Treasury on the basis of estimates made by the Secretary of the Treasury of the amounts referred to in such paragraph. Social Security 2100: A Sacred Trust. This is the one from the 117th Congress. The notice provided pursuant to subparagraph (A)(i) shall include notice of the time and place of the public hearings to be conducted pursuant to clause (A)(iii) and of the right of aggrieved individuals to appeal to the Commissioner regarding the proposed closure, consolidation, or limitation on access pursuant to paragraph (4). Protects low-income workers Five million seniors currently live in poverty. The US faces a retirement crisis and a modest boost in benefits strengthens the one leg of the retirement system that is universal and the most reliable: Social Security. 5723 117th Congress: Social Security 2100: A Sacred Trust. Hartford, CT Today, House Ways and Means Social Security Subcommittee Chairman John B. Larson (CT-01) released the following statement on the announcement that the Social Security Cost of Living Adjustment (COLA) for 2023 will be8.7 percent. by striking A child who and inserting (i) A child who; by striking clause (i) of paragraph (1)(B) and inserting clause (ii) of paragraph (1)(B); and. Although this bill was not enacted, its provisions could have become law by being included in another bill. Social Security 2100: A Sacred Trust (SS-AST) legis-lation, a dishonest proposal that promises five years of various benefit increases based on 75 years' worth of tax increases. (2021). Section 202(e)(2)(A) of such Act (42 U.S.C. Section 202(b)(2) of the Social Security Act (42 U.S.C. Section 201(c) of the Social Security Act is amended by striking the fourth sentence in the matter following paragraph (5) and inserting the following: Such report shall also include actuarial analysis of the benefit cost with respect to disabled beneficiaries and their auxiliaries, to retired beneficiaries and their auxiliaries, and to survivor beneficiaries.. Board of Trustees of Social Security Trust Fund. Other conforming amendments to Social Security Act. Would you like to join our advisory group to work with us on the future of GovTrack? This is part of a new project to develop better tools for bringing real-time legislative data into the classroom. For purposes of this section, the term wages shall have the same meaning as when used in section 1402(b). 302. Congress must also ensure the benefits keep up with Americans' expenses - today, tomorrow, and forever. President Biden has called this promise a "sacred trust." It is Congress' responsibility to keep that promise and to safeguard Social Security for all Americans. Providing caregiver credits for Social Security. 415(e)(1)), by inserting and before 2022 after after 1974. Social Security contributions are currently capped at $142,800 in annual wages, the committee explained. by striking paragraph (5) and redesignating paragraphs (6) through (8) as paragraphs (5) through (7), respectively; by striking beginning with and all that follows through and ending and inserting beginning with the first month in which he becomes so entitled to such insurance benefits and ending; and. Were looking to learn more about who uses GovTrack and what features you find helpful or think could be improved. 402(d)(6)(A)) is amended to read as follows: is a full-time elementary or secondary school student and has not attained the age of 22, is a qualifying post-secondary school student and has not attained the age of 26, or, is under a disability (as defined in section 223(d)) and has not attained the age of 22, or. 411(b)) is amended, by inserting and before 2022 after 1974; and, For any taxable year beginning in any calendar year after 2021, an amount equal to, $400,000, reduced (but not below zero) by, the part of the net earnings from self-employment (if any) which is not in excess of, the amount equal to the contribution and benefit base (as determined under section 230) which is effective for the calendar year in which such taxable year begins, minus, the amount of the wages paid to such individual during such taxable year, plus, the amount of the wages paid to such individual during such taxable year which is in excess of the amount in subclause (I)(aa); or. by striking subclauses (II) and (III) and inserting the following: the portion of such costs which should have been borne by the Social Security Trust Fund. Section 202(f)(2)(A) of such Act (42 U.S.C. The amendment made by paragraph (1) of this subsection shall apply with respect to closures and consolidations of field or hearing offices and impositions of new limitations on access to such offices occurring after the cessation of the moratorium under subsection (a) of this section. We hope that with your input we can make GovTrack more accessible to minority and disadvantaged communities who we may currently struggle to reach. Of the balance of the total revenue from taxation of social security benefits remaining after appropriations under paragraph (1) have been made, there are appropriated to each payor fund amounts equivalent to the portion of such balance equal to a fraction, the numerator of which is the amount equivalent to the net revenues received in the Treasury attributable to the application of sections 86 and 871(a)(3) of such Code to payments from such payor fund made in taxable years beginning after December 31, 2021, and before January 1, 2027; and. ; and. In the case of compensation (as defined in section 3231(e)), for purposes of applying subsections (a) and (b), the reference to the tax that would have been imposed by section 3101(a) shall be treated as including a reference to so much of the tax that would have been imposed on such compensation under section 3201(a) or 3211(a) (or would have been so imposed but for paragraph (2) of section 3231(e)) as is determined by reference to the rate of tax in effect under section 3101(a). There is hereby appropriated to the Social Security Trust Fund for the first fiscal year that begins after date of the enactment of section 203 of Social Security 2100: A Sacred Trust, and for each fiscal year thereafter, out of any moneys in the Treasury not otherwise appropriated, amounts equivalent to 100 percent of, the taxes imposed by chapter 21 (other than sections 3101(b) and 3111(b)) of the Internal Revenue Code of 1986 with respect to wages (as defined in section 3121 of such Code) reported to the Secretary of the Treasury pursuant to subtitle F of the Internal Revenue Code of 1986, as determined by the Secretary of the Treasury by applying the applicable rates of tax under such chapter (other than sections 3101(b) and 3111(b)) to such wages, which wages shall be certified by the Commissioner of Social Security on the basis of the records of wages established and maintained by such Commissioner in accordance with such reports; and. Section 121(e) of the Social Security Amendments of 1983 (42 U.S.C. 402(d)(1)) is amended, by striking subparagraphs (A), (B), and (C) and inserting subparagraphs (A) and (B) and subparagraph (C) or paragraph (9) (as applicable); and. This legislation expands on the previous versions of the Social Security 2100 Act to better strengthen and protect the Social Security program. 106. The activities of daily living referred to in subparagraph (A) means basic personal everyday activities, including. In introducing his Social Security 2100: A Sacred Trust bill, Rep. Larson said that benefits must be boosted and Social Security financially fortified: "Every day, hard-working Americans contribute to this great program that has never missed a payment and stands as a hallmark to what good governance is about. We hope to make GovTrack more useful to policy professionals like you. 402(e)(2)(A)) is amended by striking subsection (k)(5), subsection (q), and inserting subsection (q). by inserting after clause (iii) the following: 1 percent of the individuals excess average indexed monthly earnings (as defined in subsection (b)(5)(A)). Section 201(h) of such Act is amended to read as follows: All benefit payments required to be made under this title shall be made only from the Social Security Trust Fund. (202 Democrats), Larson Statement on Social Security Trustees Report Sec. check that your profile has your current email address before its too late. includes compensation which is subject to the tax imposed by section 3201 or 3211 (or would be so subject but for paragraph (2) of section 3231(e)). 1320b13) is amended, in subsection (a)(1), by adding at the end the following: Such statement shall be provided by mail unless the requesting individual chooses electronic delivery for that request. A nonresident alien individual shall not be treated as an individual for purposes of paragraph (1), except as provided by an agreement under section 233 of the Social Security Act. Bowman, Mr. Brown, Ms. Brownley, Mrs. Bustos, Mr. Butterfield, Mr. Carbajal, Mr. Crdenas, Mr. Carson, Mr. Carter of Louisiana, Mr. Cartwright, Mr. Case, Mr. Casten, Ms. Castor of Florida, Mr. Castro of Texas, Mr. Cicilline, Ms. Clark of Massachusetts, Ms. Clarke of New York, Mr. Cleaver, Mr. Cohen, Mrs. Watson Coleman, Mr. Connolly, Mr. Cooper, Mr. Correa, Ms. Ocasio-Cortez, Mr. Costa, Ms. Craig, Mr. Crist, Mr. Crow, Mr. Cuellar, Ms. Dean, Mr. DeFazio, Ms. DeGette, Mrs. Demings, Mr. DeSaulnier, Mr. Deutch, Mrs. Dingell, Mr. Michael F. Doyle of Pennsylvania, Ms. Escobar, Ms. Eshoo, Mr. Espaillat, Ms. Leger Fernandez, Mr. Foster, Ms. Lois Frankel of Florida, Mr. Gallego, Mr. Garamendi, Mr. Garca of Illinois, Ms. Garcia of Texas, Mr. Vicente Gonzalez of Texas, Mr. Green of Texas, Mr. Grijalva, Mr. Definition of post-Secondary educational institution. Section 202(d)(7)(C) of such Act (42 U.S.C. The amendments made by this section shall apply with respect to applications for childs insurance benefits filed in months in calendar years 2022 through 2026 and with respect to individuals entitled to such benefits during any such month, except that such amendments shall not apply for purposes of determining continuing eligibility for childs insurance benefits for any month after calendar year 2026. 409(k)(1)), as amended by section 103(c), is further amended by inserting 202(e)(9), 202(f)(9), after sections. Improves Social Security benefits for widows and widowersin two income households so they are not penalized for having two incomes. Section 202 of the Social Security Act (42 U.S.C. the term basic wages means that portion of the wages of an individual paid in a year that does not exceed the contribution and benefit base for the year; the term basic self-employment income means that portion of the self-employment income of an individual credited to a year that does not exceed an amount equal to the contribution and benefit base for the year minus the amount of the wages paid to the individual in the year; the term excess wages means that portion of the wages of an individual paid in a year after 2021 in excess of the higher of $400,000 or the contribution and benefit base for the year; and. Social Security 2100: A Sacred Trust Act. in the last sentence of subsection (a), by striking subsection (q) and subsection (w) and inserting subsections (q), (w), and (aa); in subsection (b)(2), by striking subsections (k)(5) and (q) and inserting subsections (k)(5), (q), and (aa); in subsection (c)(2), by striking subsections (k)(5) and (q) and inserting subsections (k)(5), (q), and (aa); in subsection (d)(2), by adding at the end the following: This paragraph shall apply subject to subsection (aa). by inserting , or (C) a court of competent jurisdiction has issued an order granting custody of such person to the individual or the individuals spouse before the first period. Section 215(i) of the Social Security Act (42 U.S.C. ) of such Act ( 42 U.S.C with respect only to one such.! Helpful or think could be improved after 1974 and disadvantaged communities who we may currently struggle to reach and the... 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