Another proposal called Social Security 2100: A Sacred Trust would increase the payroll tax cap to $400,000 on earned wages. 402(d)(1)(F)) is amended by striking the earlier of and all that follows through the age of 19, and inserting the following: the first month during no part of which the child is a full-time elementary or secondary school student or a qualifying post-secondary school student, the month in which the child attains the age of 22, but only if the child is not a qualifying post-secondary school student during any part of such month, or. Currently only income below $147,000 is taxed, meaning an. Section 202(d)(6)(D) of such Act (42 U.S.C. Sponsor. You are encouraged to reuse any material on this site. Our public interest mission means we will never put our service behind a paywall. 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. 409(a)(1)(I)) is amended by inserting before the semicolon at the end the following: except that this subparagraph shall apply only to calendar years for which the contribution and benefit base (as so determined) is less than $400,000, and, for such calendar years, only to the extent that remuneration with respect to employment paid to such employee does not exceed $400,000. Subsection (m) of section 6654 of the Internal Revenue Code of 1986 is amended to read as follows: Special rule for certain employment taxes. If you can, please take a few minutes to help us improve GovTrack for users like you. Extending the childs benefit for post-secondary school students under age 26. in the second sentence in the matter following paragraph (5), by striking whether the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund, individually and collectively, are and inserting whether the Social Security Trust Fund is. was a full-time elementary or secondary school student and had not attained the age of 22, was a qualifying post-secondary school student and had not attained the age of 26, or, is under a disability (as defined in section 223(d)) which began before he attained the age of 22, and, Definition of qualifying post-Secondary school student, Section 202(d)(7) of such Act (42 U.S.C. Would you like to join our advisory group to work with us on the future of GovTrack? 302. 402(d)(1)(G)) is amended by striking (if later) and all that follows through the the age of 19, and inserting the following: Section 202(d)(6)(A) of such Act (42 U.S.C. Section 121(e) of the Social Security Amendments of 1983 (42 U.S.C. 423(a)(1)) is amended, in the matter following subparagraph (E), by striking the earlier of and all that follows through the 36 months following such period of trial work in which he engages or is determined able to engage in 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. Youre more than a vote, so support GovTrack today with a tip of any amount: Or keep using GovTrack for free! Almost two weeks ago, House Ways and Means Social Security Subcommittee Chairperson John B. Larson (D-Conn.) threw H.R. by striking subparagraphs (B) and (C) and inserting subparagraph (B) and subparagraph (C) or paragraph (9) (as applicable). Ensuring access to professional representation. Lawmakers have a mere 13 years to fix the Social Security program before it can no longer pay full benefits, according to the most recent Social Security trustees' report. Title II of the Social Security Act is amended by adding after section 234 (42 U.S.C. Visit us on Instagram, This bill would be bad news for LeBron Jamess son Bronny James, who at age 14 accumulated more than 1 million Instagram followers in his Feb 22, 2023, Contrary to the Steve Martin and Queen Latifah film title, this legislation would be bringing up the House. The term qualifying month does not include any month ending after the date on which such individual attains retirement age (as defined in section 216(l)). Determining wages and self-employment income above contribution and benefit base after 2021, Determination of wages above contribution and benefit base after 2021, Amendments to the Internal Revenue Code of 1986. 905(g)(1)(A)) is amended by striking Payments to Social Security Trust Funds and inserting Payments to the Social Security Trust Fund. Bill Summary. The amendments made by subsection (a) shall apply with respect to Social Security account statements required to be provided on or after January 1, 2022. 2100 Act: A Sacred Trust bill could pass in 2022 and shore up the program's shortfall. One almost has to admire Republicans for the tenacity and determination with which they keep coming up with new ideas for hobbling Social Security. Section 206(a)(2)(A) of the Social Security Act (42 U.S.C. 415(i)(4)) is amended by inserting and by section 102 of Social Security 2100: A Sacred Trust after 1986. Section 201 of such Act is amended by striking subsections (b), (l), and (n). 113. by striking Trust Funds are and inserting Trust Fund is; in the matter following paragraph (5), by striking Trust Funds each place it appears and inserting Trust Fund; and. Conforming amendments outside of Social Security Act. Fight 2 scrap the payroll tax cap: John Larson's (D-CT) Social Security 2100 Act: A Sacred Trust, or Sen. Bernie Sanders' Social Security Expansion Act of 2023. the amount of wages paid to such individual during the taxable year. 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. Upon timely request by any individual who makes a showing in writing described in subparagraph (B) in connection with a proposed closure, consolidation, or limitation on access referred to in subparagraph (A), the Commissioner shall give such individual an opportunity for a hearing with respect to the closure, consolidation, or limitation on access. Please help us make GovTrack better address the needs of educators by joining our advisory group. In any case in which there are more than 60 qualifying months for an individual, only the last 60 of such months shall be taken into account for purposes of this section. Increasing benefits for beneficiaries after 15 years of eligibility. ; in subsection (e)(2)(A), by striking subsection (k)(5), subsection (q), and subparagraph (D) of this paragraph and inserting subsection (k)(5), subsection (q), subsection (aa), and subparagraph (D) of this paragraph; in subsection (f)(2)(A), by striking subsection (k)(5), subsection (q), and subparagraph (D) of this paragraph and inserting subsection (k)(5), subsection (q), subsection (aa), and subparagraph (D) of this paragraph; in subsection (g)(2), by striking Such and inserting Except as provided in subsections (k)(5) and (aa), such; in subsection (h)(2)(A), by inserting and subsection (aa) after subparagraphs (B) and (C); and. The table of sections for subchapter A of chapter 21 of the Internal Revenue Code of 1986 is amended by adding at the end the following new item: Sec. The amendments made by this section shall apply to determinations made with respect to cost-of-living computation quarters (as defined in section 215(i)(1)(B) of the Social Security Act (42 U.S.C. Section 209(k)(1) of such Act (402 U.S.C. President Biden has called this promise a "sacred trust.". Federal Old-Age and Survivors Insurance Trust Fund, Social Media Child Protection Act would ban children younger than 16 from platforms like TikTok, REAL House Act, Equal Voice Act would each increase number of House of Representatives members, Standing with Moms Act would create Life.gov website of anti-abortion information for pregnant, the 16th year beginning after the applicable year of eligibility, the 17th year beginning after the applicable year of eligibility, the 18th year beginning after the applicable year of eligibility, the 19th year beginning after the applicable year of eligibility, the 20th year beginning after the applicable year of eligibility or later. Youve cast your vote. Fight 2 scrap the payroll tax cap: John Larson's (D-CT) Social Security 2100 Act: A Sacred Trust, or Sen. Bernie Sanders' Social Security Expansion Act of 2023. 402(d)(7)(D)) is amended. 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). Young Americans have historically been the least involved in politics, despite the huge consequences policies can have on them. such benefit may not be reduced below $0. in section 703(j), by striking Federal Disability Insurance Trust Fund, the Federal Old-Age and Survivors Insurance Trust Fund, and inserting Social Security Trust Fund; in section 708(c), by striking the OASDI trust fund ratio under section 201(l), after computing; in subsection (a), by striking Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund and inserting Social Security Trust Fund; and, in paragraph (1), by striking section 201(l) or; and, in paragraph (2), by striking Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund and inserting Social Security Trust Fund; and, by striking any Trust Fund specified in subsection (a) and inserting the Social Security Trust Fund; and. Representative for Connecticut's 1st congressional district. The term payor fund means any trust fund or account from which payments of social security benefits are made. For purposes of section 1401(a), the term self employment income shall not exceed the sum of, the total compensation not in excess of the contribution and benefit base (as determined under section 230 of the Social Security Act) which is effective for the calendar year in which such taxable year begins, reduced by the amount of wages not in excess of such base paid to such individual during the taxable year, plus, the total compensation in excess of the greater of. Subsection (g)(2) of section 3806 of title 31, United States Code, is amended, by striking Secretary of Health and Human Services and inserting Commissioner of Social Security; and, by striking Federal Old-Age and Survivors Insurance Trust Fund and inserting Social Security Trust Fund; and. 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. Holding SSI, Medicaid, and CHIP beneficiaries harmless. If you log into GovTrack using Twitter, make sure you dont lose access to your GovTrack account. 203. 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. H.R. Democrats have several plans to protect and expand Social Security benefits. 2. John Larson's "Social Security 2100: A Sacred Trust," was introduced in the House of Representatives in 2021 with nearly one hundred cosponsors. A vote, so support GovTrack today with a tip of any amount: Or keep GovTrack! 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