(B) to consist of a number of months equal 
to the difference of 5 minus the number of 
months in the applicable period of disability of 
the individual that elapsed during 2034. 
SEC. 109. ESTABLISHING A GRADUAL OFFSET FOR DIS-
ABILITY BENEFICIARIES WITH EARNINGS. 
(a) ELIMINATION OF TERMINATION OF BENEFITS 
DUE TO WORK ACTIVITY.— 
(1) DATE
OF
TERMINATION
OF
DISABILITY 
BENEFITS; ELIMINATION OF EXTENDED PERIOD OF 
ELIGIBILITY.—Section 223(a)(1) of the Social Secu-
rity Act (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 sub-
stantial 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’’. 
(2) DATE OF TERMINATION OF CHILD’S BENE-
FITS.—Section 202(d)(1)(G)(i) of such Act (42 
U.S.C. 402(d)(1)(G)(i)) is amended by striking ‘‘the 
earlier of’’ and all that follows through ‘‘substantial 
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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 indi-
vidual is determined to no longer be suffering from 
a disabling physical or mental impairment,’’. 
(3) DATE OF TERMINATION OF WIDOW’S AND 
WIDOWER’S
BENEFITS.—Subsections 
(e)(1) 
and 
(f)(1) of section 202 of such Act (42 U.S.C. 402) 
are each amended, in the matter following subpara-
graph (E), by striking ‘‘the earlier of’’ and all that 
follows through the end of the paragraph and insert-
ing ‘‘the third month following the earliest month 
after the end of such period of trial work with re-
spect to which such individual is determined to no 
longer be suffering from a disabling physical or men-
tal impairment.’’. 
(4) ELIMINATION
OF
WORK-RELATED
TERMI-
NATION OF HOSPITAL INSURANCE BENEFITS.—Sec-
tion 226(b) of such Act (42 U.S.C. 426(b)) is 
amended, in the matter following paragraph (2), by 
striking ‘‘For purposes of this subsection’’ and all 
that follows through the end. 
(5) CONFORMING
AMENDMENT
RELATED
TO 
EXPEDITED REINSTATEMENT.—Section 223 of such 
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Act (42 U.S.C. 423) is amended by striking sub-
section (i). 
(b) BENEFIT REDUCTION BASED ON EARNINGS DE-
RIVED FROM SERVICES.— 
(1) IN GENERAL.—Section 223(e) of such Act 
(42 U.S.C. 423(e)) is amended to read as follows: 
‘‘(e)(1) Any benefit otherwise payable to an individual 
for a month under subsection (d)(1)(B)(ii), (d)(6)(A)(ii), 
(d)(6)(B), (e)(1)(B)(ii), or (f)(1)(B)(ii) of section 202 or 
under subsection (a)(1) of this section shall be reduced 
by $1 for each $2 by which the individual’s earnings de-
rived from services for such month exceeds the amount 
specified in paragraph (2) with respect to such month, ex-
cept that— 
‘‘(A) in the case of an individual who has a pe-
riod of trial work (as defined in section 222(c)), no 
reduction may be applied to any benefit of such indi-
vidual under this title for any month prior to the 
third month after the end of the individual’s period 
of trial work; and 
‘‘(B) such benefit may not be reduced below $0. 
‘‘(2) The amount specified in this paragraph with re-
spect to a month shall be the amount of monthly earnings 
derived from services established by the Commissioner 
(under 
regulations 
issued 
pursuant 
to 
section 
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223(d)(4)(A)) to represent substantial gainful activity in 
the case of a blind individual for such month. 
‘‘(3) In the case of a benefit otherwise payable to an 
individual for a month under section 202 on the basis of 
the wages and self-employment income of an individual 
whose benefit is reduced pursuant to paragraph (1), such 
benefit shall be reduced for such month by the same pro-
portion as the reduction made pursuant to paragraph 
(1).’’. 
(2) 
CONFORMING
AMENDMENT.—Section 
223(a)(2) of such Act (42 U.S.C. 423(a)(2)) is 
amended by striking ‘‘and section 215(b)(2)(A)(ii)’’ 
and inserting ‘‘, section 215(b)(2)(A)(ii), and sub-
section (e) of this section’’. 
(c) TICKET TO WORK EMPLOYMENT NETWORKS.— 
Section 1148(h)(5) of such Act (42 U.S.C. 1320b– 
19(h)(5)) is amended by redesignating subparagraph (C) 
as subparagraph (D) and inserting: 
‘‘(C) The Commissioner may alter require-
ments to receive a payment under this section 
to the extent that the Commissioner determines 
that altering such requirements is necessary to 
ensure that sufficient employment networks are 
available and that each beneficiary receiving 
services under the Program has reasonable ac-
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cess to employment services, vocational rehabili-
tation services, and other support services.’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to months in calendar 
years 2025 through 2034. 
SEC. 110. REPEALING THE GOVERNMENT PENSION OFFSET 
AND WINDFALL ELIMINATION PROVISIONS. 
(a) REPEAL
OF GOVERNMENT PENSION OFFSET 
PROVISION.— 
(1) IN GENERAL.—Section 202(k) of the Social 
Security Act (42 U.S.C. 402(k)) is amended by 
striking paragraph (5). 
(2) CONFORMING AMENDMENTS.— 
(A) Section 202(b)(2) of the Social Secu-
rity Act (42 U.S.C. 402(b)(2)) is amended by 
striking ‘‘subsections (k)(5) and (q)’’ and in-
serting ‘‘subsection (q)’’. 
(B) Section 202(c)(2) of such Act (42 
U.S.C. 402(c)(2)) is amended by striking ‘‘sub-
sections (k)(5) and (q)’’ and inserting ‘‘sub-
section (q)’’. 
(C) Section 202(e)(2)(A) of such Act (42 
U.S.C. 402(e)(2)(A)) is amended by striking 
‘‘subsection (k)(5), subsection (q),’’ and insert-
ing ‘‘subsection (q)’’. 
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(D) Section 202(f)(2)(A) of such Act (42 
U.S.C. 402(f)(2)(A)) is amended by striking 
‘‘subsection (k)(5), subsection (q)’’ and insert-
ing ‘‘subsection (q)’’. 
(b) REPEAL
OF WINDFALL ELIMINATION PROVI-
SIONS.— 
(1) IN GENERAL.—Section 215 of the Social 
Security Act (42 U.S.C. 415) is amended— 
(A) in subsection (a), by striking para-
graph (7); 
(B) in subsection (d), by striking para-
graph (3); and 
(C) in subsection (f), by striking para-
graph (9). 
(2) CONFORMING
AMENDMENTS.—Subsections 
(e)(2) and (f)(2) of section 202 of such Act (42 
U.S.C. 402) are each amended by striking ‘‘section 
215(f)(5), 215(f)(6), or 215(f)(9)(B)’’ in subpara-
graphs (C) and (D)(i) and inserting ‘‘paragraph (5) 
or (6) of section 215(f)’’. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
this section shall apply with respect to monthly in-
surance benefits payable for months in calendar 
years 2025 through 2034. 
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(2) RECOMPUTATION OF PRIMARY INSURANCE 
AMOUNTS.—Notwithstanding section 215(f) of the 
Social Security Act, the Commissioner of Social Se-
curity shall recompute primary insurance amounts 
to the extent necessary— 
(A) to carry out the amendments made by 
this section; and 
(B) to account for the nonapplication of 
such amendments after calendar year 2034 
such that each individual’s monthly insurance 
benefit for a month after 2034 shall be equal 
to the monthly insurance benefit that such indi-
vidual would have received for such month if 
the amendments made under this section had 
not been made. 
SEC. 111. EXTENDING THE CHILD’S BENEFIT FOR POST- 
SECONDARY SCHOOL STUDENTS UNDER AGE 
26. 
(a) IN GENERAL.—Section 202(d)(1)(B) of the So-
cial Security Act (42 U.S.C. 402(d)(1)(B)) is amended to 
read as follows: 
‘‘(B) at the time such application was filed 
was unmarried and— 
‘‘(i) had not attained the age of 18, 
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‘‘(ii) was a full-time elementary or 
secondary school student and had not at-
tained the age of 22, 
‘‘(iii) was a qualifying post-secondary 
school student and had not attained the 
age of 26, or 
‘‘(iv) is under a disability (as defined 
in section 223(d)) which began before he 
attained the age of 22, and’’. 
(b) DEFINITION OF QUALIFYING POST-SECONDARY 
SCHOOL STUDENT.— 
(1) IN GENERAL.—Section 202(d)(7) of such 
Act (42 U.S.C. 402(d)(7)) is amended— 
(A) in subparagraph (A)— 
(i) by inserting ‘‘and a ‘qualifying 
post-secondary school student’ is an indi-
vidual who is in at least half-time attend-
ance as a student at a post-secondary edu-
cational institution’’ before ‘‘, as deter-
mined by the Commissioner’’; 
(ii) by inserting ‘‘or a ‘qualifying post- 
secondary school student’ ’’ before ‘‘if he is 
paid by his employer’’; 
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(iii) by inserting ‘‘or a post-secondary 
educational institution, as applicable,’’ be-
fore ‘‘at the request’’; 
(iv) by inserting ‘‘or a ‘qualifying 
post-secondary school student’ ’’ before 
‘‘for the purpose of this section’’; and 
(v) by inserting ‘‘or a qualifying post- 
secondary school student’’ before ‘‘shall be 
deemed’’; and 
(B) in subparagraph (B)— 
(i) by inserting ‘‘or a qualifying post- 
secondary school student’’ before ‘‘during 
any period’’; 
(ii) by inserting ‘‘or, in the case of a 
qualifying post-secondary school student, 
any period of nonattendance at a post-sec-
ondary educational institution at which the 
individual has been in at least half-time at-
tendance’’ after ‘‘full-time attendance’’; 
and 
(iii) inserting ‘‘or, in the case of a 
qualifying post-secondary school student, 
in at least half-time attendance at a post- 
secondary educational institution’’ before 
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‘‘immediately following such period’’ each 
place it appears. 
(2) TRANSITION FROM ELEMENTARY OR SEC-
ONDARY SCHOOL.—Section 202(d)(7)(B) of such Act 
(42 U.S.C. 402(d)(7)(B)) is amended by adding at 
the end the following sentence: ‘‘An individual who 
has been in full-time attendance at an elementary or 
secondary school shall, during a succeeding period of 
nonattendance at such school, be deemed to be a 
qualifying post-secondary school student if (i) such 
period is 4 calendar months or less, and (ii) the indi-
vidual shows to the satisfaction of the Commissioner 
that he intends to be in at least half-time attendance 
at a post-secondary educational institution imme-
diately following such period.’’. 
(c) DEFINITION OF POST-SECONDARY EDUCATIONAL 
INSTITUTION.—Section 202(d)(7)(C) of such Act (42 
U.S.C. 402(d)(7)(C)) is amended by adding at the end the 
following: 
‘‘(iii) A ‘post-secondary educational 
institution’ is an institution described in 
section 102 of the Higher Education Act 
of 1965 (20 U.S.C. 1002).’’. 
(d) CONFORMING AMENDMENTS.— 
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(1) Section 202(d)(1)(E) of such Act (42 
U.S.C. 402(d)(1)(E)) is amended by inserting ‘‘or a 
qualifying post-secondary school student’’ after ‘‘stu-
dent’’. 
(2) Section 202(d)(1)(F) of such Act (42 
U.S.C. 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 earlier of— 
‘‘(i) 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, 
‘‘(ii) the month in which the child at-
tains the age of 22, but only if the child 
is not a qualifying post-secondary school 
student during any part of such month, or 
‘‘(iii) the month in which the child at-
tains the age of 26,’’. 
(3) Section 202(d)(1)(G) of such Act (42 
U.S.C. 402(d)(1)(G)) is amended by striking ‘‘(if 
later)’’ and all that follows through the ‘‘the age of 
19,’’ and inserting the following: ‘‘(if later) the ear-
lier of— 
‘‘(i) the first month during no part of 
which the child is a full-time elementary or 
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secondary school student or a qualifying 
post-secondary school student, 
‘‘(ii) the month in which the child at-
tains the age of 22, but only if the child 
is not a qualifying post-secondary school 
student during any part of such month, or 
‘‘(iii) the month in which the child at-
tains the age of 26,’’. 
(4) Section 202(d)(6)(A) of such Act (42 
U.S.C. 402(d)(6)(A)) is amended to read as follows: 
‘‘(A)(i) is a full-time elementary or sec-
ondary school student and has not attained the 
age of 22, 
‘‘(ii) is a qualifying post-secondary school 
student and has not attained the age of 26, or 
‘‘(iii) is under a disability (as defined in 
section 223(d)) and has not attained the age of 
22, or’’. 
(5) Section 202(d)(6)(D) of such Act (42 
U.S.C. 402(d)(6)(D)) is amended to read as follows: 
‘‘(D) the earlier of— 
‘‘(i) 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, 
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at such time (or, if the post-secondary edu-
cational institution (as so defined) in which he 
is enrolled is not operated on a quarter or se-
mester system, until the first day of the first 
month following the completion of the course in 
which he is so enrolled or until the first day of 
the third month beginning after such time, 
whichever first occurs).’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to child’s insurance 
benefits payable for months in calendar years 2025 
through 2034, including for individuals who file applica-
tions for such benefits to begin with any such month, ex-
cept that such amendments shall not apply for purposes 
of determining continuing eligibility for child’s insurance 
benefits for any month after calendar year 2034. 
SEC. 112. INCREASING ACCESS TO BENEFITS FOR CHIL-
DREN WHO LIVE WITH GRANDPARENTS OR 
OTHER RELATIVES. 
(a) IN GENERAL.—Title II of the Social Security Act 
(42 U.S.C. 401 et seq.) is amended— 
(1) in section 202(d)— 
(A) in paragraph (1)(C), by inserting ‘‘ex-
cept as provided in paragraph (9),’’ before ‘‘was 
dependent’’; and 
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(B) by amending paragraph (9) to read as 
follows: 
‘‘(9)(A) In the case of a child who is the child of an 
individual under clause (3) of the first sentence of section 
216(e) and is not a child of such individual under clause 
(1) or (2) of such first sentence, the criteria specified in 
subparagraph (B) shall apply instead of the criteria speci-
fied in subparagraph (C) of paragraph (1). 
‘‘(B) The criteria of this subparagraph are that— 
‘‘(i) the child has been living with such indi-
vidual in the United States for a period of not less 
than 12 months; 
‘‘(ii) the child has been receiving not less than 
1⁄2 of the child’s support from such individual for a 
period of not less than 12 months; and 
‘‘(iii) the period during which the child was liv-
ing with such individual began before the child at-
tained age 18. 
‘‘(C) In the case of a child who is less than 12 months 
old, such child shall be deemed to meet the requirements 
of subparagraph (B) if, on the date the child attains 1 
year of age, such child has lived with such individual in 
the United States and received at least 1⁄2 of the child’s 
support from such individual for substantially all of the 
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period which began on the date of such child’s birth.’’; 
and 
(2) in section 216(e), in the first sentence— 
(A) 
by 
striking 
‘‘grandchild 
or 
stepgrandchild of an individual or his spouse’’ 
and inserting ‘‘grandchild, stepgrandchild, or 
other first-degree, second-degree, third-degree, 
fourth-degree, or fifth-degree relative of an indi-
vidual or the individual’s spouse’’; 
(B) by striking ‘‘was no natural or adop-
tive parent’’ and inserting ‘‘is no living natural 
or adoptive parent’’; 
(C) by striking ‘‘was under a disability’’ 
and inserting ‘‘is under a disability’’; 
(D) by striking ‘‘living at the time’’ and all 
that follows through ‘‘, or (B)’’ and inserting ‘‘, 
(B)’’; and 
(E) by inserting ‘‘, or (C) a court of com-
petent jurisdiction has issued an order granting 
custody of such person to the individual or the 
individual’s spouse’’ before the first period. 
(b) CONFORMING AMENDMENTS.—Section 202(d)(1) 
of the Social Security Act (42 U.S.C. 402(d)(1)) is amend-
ed— 
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(1) by striking ‘‘subparagraphs (A), (B), and 
(C)’’ and inserting ‘‘subparagraphs (A) and (B) and 
subparagraph (C) or paragraph (9) (as applicable)’’; 
and 
(2) by striking ‘‘subparagraphs (B) and (C)’’ 
and inserting ‘‘subparagraph (B) and subparagraph 
(C) or paragraph (9) (as applicable)’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to monthly insurance 
benefits payable for months in calendar years 2025 
through 2034, including for individuals who file applica-
tions for such benefits to begin with any such month, ex-
cept that such amendments shall not apply for purposes 
of determining continuing eligibility for monthly insurance 
benefits for any month after calendar year 2034. 
SEC. 113. PREVENTING AN UNINTENDED DROP IN BENE-
FITS RELATING TO THE APPLICATION OF 
THE NATIONAL AVERAGE WAGE INDEX. 
(a) MODIFICATIONS RELATED TO COMPUTATION OF 
PRIMARY INSURANCE AMOUNT.—Section 215 of the So-
cial Security Act (42 U.S.C. 415) is amended— 
(1) in subsection (a)(1)(B)(ii)— 
(A) in subclause (I)— 
(i) by striking ‘‘the national’’ and in-
serting ‘‘(aa) the national’’; and 
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(ii) by striking ‘‘, by’’ at the end and 
inserting ‘‘; or’’; and 
(B) by adding at the end of subclause (I) 
the following: 
‘‘(bb) if higher (and if such second 
calendar year is after 2024), the highest 
national average wage index (as so de-
fined) for any calendar year before such 
second calendar year, by’’; and 
(2) in subsection (b)(3)(A)(ii)— 
(A) in subclause (I)— 
(i) by striking ‘‘the national’’ and in-
serting ‘‘(aa) the national’’; and 
(ii) by striking ‘‘, by’’ at the end and 
inserting ‘‘; or’’; and 
(B) by adding at the end of subclause (I) 
the following: 
‘‘(bb) if higher (and if such second 
calendar year is after 2024), the highest 
national average wage index (as so de-
fined) for any calendar year before such 
second calendar year, by’’. 
(b) MODIFICATION RELATED
TO REDUCTION
OF 
BENEFITS
BASED
ON
DISABILITY.—Section 
224(f)(2)(B)(i) of such Act (42 U.S.C. 424(f)(2)(B)(i)) is 
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amended by inserting ‘‘(or if higher (and if such calendar 
year is after 2024), the highest national average wage 
index (as so defined) for any calendar year before such 
calendar year)’’ after ‘‘made’’. 
SEC. 114. HOLDING SSI, MEDICAID, AND CHIP BENE-
FICIARIES HARMLESS. 
(a) SSI, MEDICAID, AND CHIP DETERMINATIONS.— 
For purposes of determining the income of an individual 
to establish eligibility for, and the amount of, benefits pay-
able under title XVI of the Social Security Act, eligibility 
for medical assistance under the State plan under title 
XIX (or a waiver of such plan), or eligibility for child 
health assistance under the State child health plan under 
title XXI (or a waiver of the plan), the amount of any 
benefit to which the individual is entitled under title II 
of such Act shall be deemed not to exceed the amount of 
the benefit that would have been determined for such indi-
vidual under such title if the amendments made by title 
I of this Act had not been made. 
(b) CONFORMING CHANGE REGARDING CERTAIN RE-
ENTITLEMENTS.—For purposes of determining the pri-
mary insurance amount under section 215(a)(2)(C) for 
months after December 2034, the amount of any primary 
insurance benefit to which the individual was entitled for 
months in calendar years 2025 through 2034 under title 
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II of the Social Security Act shall be deemed to not exceed 
the primary insurance amounts that would have been de-
termined for such months without regard to the amend-
ments made by this Act. 
TITLE II—STRENGTHENING THE 
TRUST FUND 
SEC. 201. DETERMINING WAGES AND SELF-EMPLOYMENT 
INCOME ABOVE CONTRIBUTION AND BEN-
EFIT BASE AFTER 2024. 
(a) DETERMINATION OF WAGES ABOVE CONTRIBU-
TION AND BENEFIT BASE AFTER 2024.— 
(1) AMENDMENTS TO THE INTERNAL REVENUE 
CODE OF 1986.— 
(A) REPEAL
OF
PRESENT
LAW
LIMITA-
TION.—Section 3121(a) of the Internal Revenue 
Code of 1986 is amended by striking paragraph 
(1). 
(B) LIMITATION ON AMOUNT OF WAGES.— 
Section 3121 of the Internal Revenue Code of 
1986 is amended by adding at the end the fol-
lowing: 
‘‘(aa) LIMITATION ON AMOUNT OF WAGES.— 
‘‘(1) IN GENERAL.—In the case of any calendar 
year in which the contribution and benefit base (as 
determined under section 230 of the Social Security 
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Act) is less than $400,000, for purposes of the taxes 
imposed by sections 3101(a) and 3111(a), the term 
‘wages’ does not include that part of the remunera-
tion which, after remuneration equal to such con-
tribution and benefit base with respect to employ-
ment has been paid to an individual by an employer 
during the calendar year with respect to which such 
contribution and benefit base is effective, is paid to 
such individual by such employer during the cal-
endar year. The preceding sentence shall not apply 
to that part of the remuneration paid to an indi-
vidual after remuneration of $400,000 with respect 
to employment has been paid to such individual by 
an employer (or any person related to, or acting on 
behalf of, such employer, as determined by the Sec-
retary) during the calendar year. 
‘‘(2) SUCCESSOR EMPLOYER.—If an employer 
(hereinafter referred to as successor employer) dur-
ing any calendar year, acquires substantially all the 
property used in a trade or business of another em-
ployer (hereinafter referred to as a predecessor), or 
used in a separate unit of a trade or business of a 
predecessor, and immediately after the acquisition 
employs in his trade or business an individual who 
immediately prior to the acquisition was employed in 
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the trade or business of such predecessor, then, for 
the purpose of determining whether the successor 
employer has paid remuneration with respect to em-
ployment equal to the contribution and benefit base 
(as determined under section 230 of the Social Secu-
rity Act) to such individual during such calendar 
year, any remuneration with respect to employment 
paid (or considered under this paragraph as having 
been paid) to such individual by such predecessor 
during such calendar year and prior to such acquisi-
tion shall be considered as having been paid by such 
successor employer. 
‘‘(3) REMUNERATION.—For purposes of this 
subsection, the term ‘remuneration’ does not include 
remuneration referred to in any paragraph of sub-
section (a).’’. 
(C) APPLICATION
TO
RAILROAD
RETIRE-
MENT.— 
(i) 
IN
GENERAL.—Section 
3231(e)(2)(A) of the Internal Revenue 
Code of 1986 is amended by adding at the 
end the following new clause: 
‘‘(iv) LIMITATION
ON
EXCLUSION.— 
For purposes of so much of the taxes im-
posed by sections 3201(a), 3211(a) and 
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3221(a) as are determined by reference to 
the rate in effect under section 3101(a) or 
3111(a)— 
‘‘(I) in the case of any calendar 
year in which the contribution and 
benefit base (as determined under sec-
tion 230 of the Social Security Act) is 
less than $400,000, clause (i) shall 
not apply to that part of the remu-
neration paid to an individual after 
remuneration of $400,000 for services 
rendered as an employee has been 
paid to such individual by an em-
ployer (or any person related to, or 
acting on behalf of, such employer, as 
determined by the Secretary) during 
the calendar year, and 
‘‘(II) in the case of any calendar 
year in which such contribution and 
benefit 
base 
equals 
or 
exceeds 
$400,000, clause (i) shall not apply.’’. 
(ii) EXCLUSION
OF
REMUNERATION 
WHICH
IS
NOT
TREATED
AS
COMPENSA-
TION.—Section 3231(e)(2)(A)(ii) of the In-
ternal Revenue Code of 1986 is amended 
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by inserting ‘‘or (iv)’’ after ‘‘under clause 
(i)’’. 
(D) CONFORMING
AMENDMENT.—Section 
3231(e)(2)(C) of the Internal Revenue Code of 
1986 is amended by striking ‘‘the second sen-
tence of section 3121(a)(1)’’ and inserting ‘‘sec-
tion 3121(aa)(2)’’. 
(2) AMENDMENT
TO
THE
SOCIAL
SECURITY 
ACT.—Section 209(a)(1)(I) of the Social Security 
Act (42 U.S.C. 409(a)(1)(I)) is amended by insert-
ing before the semicolon at the end the following: 
‘‘except that this subparagraph shall apply only to 
calendar years for which the contribution and ben-
efit 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’’. 
(b) DETERMINATION
OF SELF-EMPLOYMENT IN-
COME ABOVE CONTRIBUTION AND BENEFIT BASE AFTER 
2024.— 
(1) AMENDMENTS
TO
INTERNAL
REVENUE 
CODE OF 1986.— 
(A) IN GENERAL.—Section 1402(b) of the 
Internal Revenue Code of 1986 is amended to 
read as follows: 
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‘‘(b) SELF-EMPLOYMENT INCOME.— 
‘‘(1) IN GENERAL.—The term ‘self-employment 
income’ means the net earnings from self-employ-
ment 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. 
‘‘(2) LIMITATION ON OASDI TAX.—For purposes 
of section 1401(a), the term ‘self-employment in-
come’ shall not exceed the sum of— 
‘‘(A) the total compensation not in excess 
of the contribution and benefit base (as deter-
mined 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 
‘‘(B) the total compensation in excess of 
the greater of— 
‘‘(i) $400,000, or 
‘‘(ii) the amount of wages paid to 
such individual during the taxable year. 
‘‘(3) DEFINITION AND SPECIAL RULES.— 
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‘‘(A) TOTAL
COMPENSATION.—For pur-
poses of paragraph (2), the term ‘total com-
pensation’ means the sum of the net earnings 
from self-employment and the amount of wages 
paid to such individual during the taxable year. 
‘‘(B) WAGES.—For purposes of this sub-
section, the term ‘wages’— 
‘‘(i) shall be determined without re-
gard to section 3121(aa); and 
‘‘(ii) includes— 
‘‘(I) such remuneration paid to 
an employee for services included 
under an agreement entered into pur-
suant to the provisions of section 
3121(l) (relating to coverage of citi-
zens of the United States who are em-
ployees of foreign affiliates of Amer-
ican employers) as would be wages 
under section 3121(a) if such services 
constituted employment under section 
3121(b), and 
‘‘(II) compensation which is sub-
ject to the tax imposed by section 
3201 or 3211 (or would be so subject 
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but for paragraph (2) of section 
3231(e)). 
‘‘(C) 
NONRESIDENT
ALIENS.—A 
non-
resident alien individual shall not be treated as 
an individual for purposes of paragraph (1), ex-
cept as provided by an agreement under section 
233 of the Social Security Act. An individual 
who is not a citizen of the United States but 
who is a resident of the Commonwealth of 
Puerto Rico, the Virgin Islands, Guam, or 
American Samoa shall not, for purposes of this 
chapter, be considered to be a nonresident alien 
individual. 
‘‘(D) CHURCH EMPLOYEE.—In the case of 
church employee income, the special rules of 
subsection (j)(2) shall apply for purposes of 
paragraph (1).’’. 
(B) CONFORMING AMENDMENTS.— 
(i) Section 1402(j)(2)(A) of the Inter-
nal Revenue Code of 1986 is amended by 
striking all that precedes ‘‘shall be ap-
plied’’ and inserting: 
‘‘(A) SEPARATE APPLICATION OF DE MINI-
MIS RULE.—Subsection (b)(1)’’. 
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(ii) Section 1402(j)(2)(B) of such 
Code is amended by striking ‘‘paragraph 
(2) of subsection (b)’’ and inserting ‘‘sub-
section (b)(1)’’. 
(2) AMENDMENT
TO
THE
SOCIAL
SECURITY 
ACT.— 
(A) IN GENERAL.—Section 211(b) of the 
Social Security Act (42 U.S.C. 411(b)) is 
amended to read as follows: 
‘‘(b) SELF-EMPLOYMENT INCOME.— 
‘‘(1) IN GENERAL.—Subject to paragraph (2), 
the term ‘self-employment income’ means the net 
earnings from self-employment derived by an indi-
vidual, except that such term shall not include net 
earnings from self-employment if such net earnings 
for the taxable year are less than $400. 
‘‘(2) LIMITATION.—The term ‘self-employment 
income’ shall not exceed the sum of— 
‘‘(A) the total compensation not in excess 
of the contribution and benefit base (as deter-
mined under section 230) 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 dur-
ing the taxable year, plus 
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‘‘(B) the total compensation in excess of 
the greater of— 
‘‘(i) $400,000, or 
‘‘(ii) the amount of wages paid to 
such individual during the taxable year. 
‘‘(3) DEFINITION AND SPECIAL RULES.— 
‘‘(A) TOTAL
COMPENSATION.—For pur-
poses of paragraph (2), the term ‘total com-
pensation’ means the sum of the net earnings 
from self-employment and the amount of wages 
paid to such individual during the taxable year. 
‘‘(B) WAGES.—For purposes of this sub-
section, the term ‘wages’ shall be determined 
without regard to section 209(a)(1). 
‘‘(C) 
NONRESIDENT
ALIENS.—A 
non-
resident alien individual shall not be treated as 
an individual for purposes of paragraph (1), ex-
cept as provided by an agreement under section 
233. An individual who is not a citizen of the 
United States but who is a resident of the Com-
monwealth of Puerto Rico, the Virgin Islands, 
Guam, or American Samoa shall not, for pur-
poses of this subsection, be considered to be a 
nonresident alien individual. 
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‘‘(D) CHURCH EMPLOYEE.—In the case of 
church employee income, the special rules of 
subsection (i)(2) shall apply for purposes of 
paragraph (1).’’. 
(B) CONFORMING
AMENDMENT.—Section 
211(i)(2) of the Social Security Act (42 U.S.C. 
411(i)(2)) is amended by striking ‘‘(b)(2)’’ and 
inserting ‘‘(b)(1)’’ each place it appears. 
(c) SPECIAL RULE FOR WAGES FROM MULTIPLE 
EMPLOYERS WHICH TOTAL IN EXCESS OF $400,000.— 
(1) IN GENERAL.—Subchapter A of chapter 21 
of the Internal Revenue Code of 1986 is amended by 
adding at the end the following new section: 
‘‘SEC. 3103. SPECIAL RULES FOR REMUNERATION FROM 
MULTIPLE EMPLOYERS. 
‘‘(a) IN GENERAL.—In the case of an employee re-
ceiving wages from more than one employer during a cal-
endar year, there is hereby imposed a tax on such em-
ployee (for the last taxable year beginning in the calendar 
year the wages are received) equal to the excess (if any) 
of— 
‘‘(1) the tax that would have been imposed by 
section 3101(a) if such wages had been received 
from one employer, over 
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‘‘(2) the aggregate tax imposed by such section 
with respect to such wages. 
‘‘(b) COORDINATION WITH SPECIAL REFUND PROVI-
SION.—No credit shall be determined under section 31(b) 
with respect to any employee for any taxable year unless 
the amount described in subsection (a)(1) with respect to 
wages received during the calendar year in which such tax-
able year begins exceeds the amount described in sub-
section (a)(2) with respect to such wages, and the amount 
of such credit so determined shall not exceed such excess. 
‘‘(c) WAGES.—For purposes of this section, the term 
‘wages’ shall have the same meaning as when used in sec-
tion 1402(b). 
‘‘(d) APPLICATION TO TIER I RAILROAD RETIRE-
MENT TAX.—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).’’. 
(2) FAILURE
BY
INDIVIDUAL
TO
PAY
ESTI-
MATED
INCOME
TAX.—Subsection (m) of section 
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6654 of the Internal Revenue Code of 1986 is 
amended to read as follows: 
‘‘(m) SPECIAL RULE FOR CERTAIN EMPLOYMENT 
TAXES.—For purposes of this section, the tax imposed by 
sections 3101(b)(2) (to the extent not withheld) and the 
tax imposed by section 3103 shall be treated as taxes im-
posed by chapter 2.’’. 
(3) CLERICAL AMENDMENT.—The table of sec-
tions 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. 3103. Special rules for remuneration from multiple employers.’’. 
(d) CONFORMING CHANGE TO NATIONAL AVERAGE 
WAGE INDEX.—Section 209(k) of the Social Security Act 
(42 U.S.C. 409(k)) is amended— 
(1) in paragraph (1), by inserting ‘‘and to para-
graph (4)’’ after ‘‘paragraph (2)’’; and 
(2) by adding at the end the following: 
‘‘(4) For each calendar year after 2024, the na-
tional average wage index as defined in this section 
for such calendar year shall be deemed to be the na-
tional average wage index determined under the pre-
ceding paragraphs of this section increased by the 
following percentage: 
‘‘(A) For calendar years 2025 through 
2030, 0.5 percent. 
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‘‘(B) For calendar years 2031 through 
2036, 0.6 percent. 
‘‘(C) For calendar years 2037 through 
2042, 0.7 percent. 
‘‘(D) For calendar years 2043 through 
2046, 0.8 percent. 
‘‘(E) For calendar years after 2046, 0.9 
percent.’’. 
(e) EFFECTIVE DATES.— 
(1) IN GENERAL.—The amendments made by 
subsections (a) and (c) shall apply to remuneration 
paid in calendar years after 2024. 
(2) SELF-EMPLOYMENT INCOME.—The amend-
ments made by subsection (b) shall apply to net 
earnings from self-employment derived in taxable 
years beginning after December 31, 2024. 
SEC. 202. INCLUDING EARNINGS OVER $400,000 IN SOCIAL 
SECURITY BENEFIT FORMULA. 
(a) INCLUSION OF EARNINGS OVER $400,000 IN DE-
TERMINATION OF PRIMARY INSURANCE AMOUNTS.—Sec-
tion 215(a)(1)(A) of the Social Security Act (42 U.S.C. 
415(a)(1)(A)) is amended— 
(1) in clause (ii), by striking ‘‘and’’ at the end; 
(2) in clause (iii), by inserting ‘‘and’’ at the 
end; and 
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(3) by inserting after clause (iii) the following: 
‘‘(iv) 1 percent of the individual’s excess aver-
age indexed monthly earnings (as defined in sub-
section (b)(5)(A)).’’. 
(b) DEFINITION
OF EXCESS AVERAGE INDEXED 
MONTHLY EARNINGS.—Section 215(b) of the Social Secu-
rity Act (42 U.S.C. 415(b)) is amended— 
(1) by striking ‘‘wages’’ and ‘‘self-employment 
income’’ each place such terms appear and inserting 
‘‘basic wages’’ and ‘‘basic self-employment income’’, 
respectively; and 
(2) by adding at the end the following: 
‘‘(5)(A) An individual’s excess average indexed 
monthly earnings shall be equal to the amount of the indi-
vidual’s average indexed monthly earnings that would be 
determined under this subsection by substituting ‘excess 
wages’ for ‘basic wages’ and ‘excess self-employment in-
come’ for ‘basic self-employment income’ each place such 
terms appear in this subsection (except in this paragraph). 
‘‘(B) For purposes of this subsection— 
‘‘(i) 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; 
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‘‘(ii) 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; 
‘‘(iii) the term ‘excess wages’ means that por-
tion of the wages of an individual paid in a year 
after 2024 that are not basic wages; and 
‘‘(iv) the term ‘excess self-employment income’ 
means that portion of the self-employment income of 
an individual credited to a year after 2024 that is 
not basic self-employment income.’’. 
(c) CONFORMING AMENDMENTS.—Title II of the So-
cial Security Act is amended— 
(1) 
in 
section 
203(a)(6)(A) 
(42 
U.S.C. 
403(a)(6)(A)), by striking ‘‘85 percent of such indi-
vidual’s average indexed monthly earnings’’ and in-
serting ‘‘the sum of 85 percent of such individual’s 
average indexed monthly earnings and 1 percent of 
such individual’s excess average indexed monthly 
earnings (as defined in section 215(b)(5)(A))’’; 
(2) in section 212 (42 U.S.C. 412), by inserting 
‘‘excess average indexed monthly earnings,’’ after 
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‘‘average indexed monthly earnings,’’ each place it 
appears; 
(3) in section 215(e)(1) (42 U.S.C. 415(e)(1)), 
by inserting ‘‘and before 2025’’ after ‘‘after 1974’’. 
(d) EFFECTIVE DATE.—The amendments made by 
this section shall apply with respect to remuneration paid 
in calendar years after 2024 and to net earnings from self- 
employment derived in taxable years beginning after De-
cember 31, 2024. 
SEC. 203. APPLICATION OF SOCIAL SECURITY TAX TO NET 
INVESTMENT INCOME. 
(a) IN GENERAL.—Section 1411(a)(1) of the Internal 
Revenue Code of 1986 is amended by striking ‘‘3.8 per-
cent’’ and all that follows and inserting ‘‘the sum of— 
‘‘(A) 3.8 percent of the lesser of— 
‘‘(i) net investment income for such 
taxable year, or 
‘‘(ii) the excess (if any) of— 
‘‘(I) the modified adjusted gross 
income for such taxable year, over 
‘‘(II) the medicare contribution 
threshold amount, plus 
‘‘(B) 12.4 percent of the lesser of— 
‘‘(i) net investment income for such 
taxable year, or 
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‘‘(ii) the excess (if any) of— 
‘‘(I) the modified adjusted gross 
income for such taxable year, over 
‘‘(II) the social security contribu-
tion threshold amount.’’. 
(b) APPLICATION TO ESTATES AND TRUSTS.—Sec-
tion 1411(a)(2) of such Code is amended by striking ‘‘3.8 
percent’’ and all that follows and inserting ‘‘the sum of— 
‘‘(A) 3.8 percent of the lesser of— 
‘‘(i) the undistributed net investment 
income for such taxable year, or 
‘‘(ii) the excess (if any) of— 
‘‘(I) the adjusted gross income 
(as defined in section 67(e)) for such 
taxable year, over 
‘‘(II) the dollar amount at which 
the highest tax bracket in section 1(e) 
begins for such taxable year, plus 
‘‘(B) 12.4 percent of the lesser of— 
‘‘(i) the amount described in subpara-
graph (A)(i), or 
‘‘(ii) the excess described in subpara-
graph (A)(ii).’’. 
(c) THRESHOLD AMOUNTS.—Section 1411(b) of such 
Code is amended to read as follows: 
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‘‘(b) THRESHOLD AMOUNTS.—For purposes of this 
section— 
‘‘(1) MEDICARE
CONTRIBUTION
THRESHOLD 
AMOUNT.—The term ‘medicare contribution thresh-
old amount’ means— 
‘‘(A) in the case of a taxpayer making a 
joint return under section 6013 or a surviving 
spouse (as defined in section 2(a)), $250,000, 
‘‘(B) in the case of a married taxpayer (as 
defined in section 7703) filing a separate re-
turn, 1⁄2 of the dollar amount determined under 
subparagraph (A), and 
‘‘(C) in any other case, $200,000. 
‘‘(2) 
SOCIAL
SECURITY
CONTRIBUTION 
THRESHOLD
AMOUNT.—The term ‘social security 
contribution threshold amount’ means $400,000.’’. 
(d) CLERICAL AMENDMENT.—The heading of chap-
ter 2A of such Code (and the item relating to such chapter 
in the table of chapters for subtitle A of chapter 1 of such 
Code) are each amended by striking ‘‘medicare contribu-
tion’’ and inserting ‘‘contributions’’. 
(e) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
December 31, 2024. 
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SEC. 204. ESTABLISHING THE SOCIAL SECURITY TRUST 
FUND. 
(a) IN GENERAL.—Section 201(a) of the Social Secu-
rity Act (42 U.S.C. 401(a)) is amended to read as follows: 
‘‘(a) 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’. The Social Security 
Trust Fund shall consist of the securities held by the Sec-
retary of the Treasury for the Federal Old-Age and Sur-
vivors Insurance Trust Fund and the Federal Disability 
Insurance Trust Fund and the amount standing to the 
credit of the Federal Old-Age and Survivors Insurance 
Trust Fund and the Federal Disability Insurance Trust 
Fund on the books of the Treasury on January 1 of the 
first calendar year beginning after the date of the enact-
ment of section 203 of the Social Security 2100 Act, which 
securities and amount the Secretary of the Treasury is 
authorized and directed to transfer to the Social Security 
Trust Fund, and, in addition, such gifts and bequests as 
may be made as provided in subsection (i)(1), and such 
amounts as may be appropriated to, or deposited in, the 
Social Security Trust Fund as hereinafter provided. There 
is hereby appropriated to the Social Security Trust Fund 
for the first fiscal year that begins after date of the enact-
ment of section 203 of the Social Security 2100 Act, and 
for each fiscal year thereafter, out of any moneys in the 
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Treasury not otherwise appropriated, amounts equivalent 
to 100 percent of— 
‘‘(1) 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 de-
fined 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 ap-
plicable 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 So-
cial Security on the basis of the records of wages es-
tablished and maintained by such Commissioner in 
accordance with such reports; 
‘‘(2) the taxes imposed by chapter 2 (other than 
section 1401(b)) of the Internal Revenue Code of 
1986 with respect to self-employment income (as de-
fined in section 1402 of such Code) reported to the 
Secretary of the Treasury on tax returns under sub-
title F of such Code, as determined by the Secretary 
of the Treasury by applying the applicable rate of 
tax under such chapter (other than section 1401(b)) 
to such self-employment income, which self-employ-
ment income shall be certified by the Commissioner 
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of Social Security on the basis of the records of self- 
employment income established and maintained by 
the Commissioner of Social Security in accordance 
with such returns; and 
‘‘(3) the taxes imposed by paragraph (1)(B) 
and (2)(B) of section 1411(a) of the Internal Rev-
enue Code of 1986. 
The amounts appropriated by paragraphs (1), (2), and (3) 
shall be transferred from time to time from the general 
fund in the Treasury to the Social Security Trust Fund, 
such amounts to be determined on the basis of estimates 
by the Secretary of the Treasury of the taxes, specified 
in paragraphs (1), (2), and (3), paid to or deposited into 
the Treasury; and proper adjustments shall be made in 
amounts subsequently transferred to the extent prior esti-
mates were in excess of or were less than the taxes speci-
fied in such paragraphs (1), (2), and (3). All amounts 
transferred to the Social Security Trust Fund under the 
preceding sentence shall be invested by the Managing 
Trustee in the same manner and to the same extent as 
the other assets of the Trust Fund. Notwithstanding the 
preceding sentence, in any case in which the Secretary of 
the Treasury determines that the assets of the Trust Fund 
would otherwise be inadequate to meet the Trust Fund’s 
obligations for any month, the Secretary of the Treasury 
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shall transfer to the Trust Fund on the first day of such 
month the total amount which would have been trans-
ferred to the Trust Fund under this section as in effect 
on October 1, 1990; and the Trust Fund shall pay interest 
to the general fund on the amount so transferred on the 
first day of any month at a rate (calculated on a daily 
basis, and applied against the difference between the 
amount so transferred on such first day and the amount 
which would have been transferred to the Trust Fund up 
to that day under the procedures in effect on January 1, 
1983) equal to the rate earned by the investments of the 
Trust Fund in the same month under subsection (d).’’. 
(b) 
REQUIRED
ACTUARIAL
ANALYSIS.—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 dis-
abled beneficiaries and their auxiliaries, to retired bene-
ficiaries and their auxiliaries, and to survivor bene-
ficiaries.’’. 
(c) BOARD OF TRUSTEES.— 
(1) BOARD OF TRUSTEES OF SOCIAL SECURITY 
TRUST FUND.—Section 201(c) of the Social Security 
Act, as amended by subsection (b) of this section, is 
further amended in the matter preceding paragraph 
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(1) by striking ‘‘the Federal Old-Age and Survivors 
Insurance Trust Fund and the Federal Disability 
Insurance Trust Fund (hereinafter in this title 
called the ‘Trust Funds’)’’ and inserting ‘‘the Social 
Security Trust Fund (in this title referred to as the 
‘Trust Fund’)’’. 
(2) CONTINUITY OF BOARD OF TRUSTEES.— 
The Board of Trustees of the Social Security Trust 
Fund created by the amendment made by subsection 
(a) shall be a continuous body with the Board of 
Trustees of the Federal Old-Age and Survivors In-
surance Trust Fund and the Federal Disability In-
surance Trust Fund in operation prior to the effec-
tive date of such amendment. Individuals serving as 
members of the Board of Trustees of the Federal 
Old-Age and Survivors Insurance Trust Fund and 
the Federal Disability Insurance Trust Fund as of 
the effective date of such amendment shall serve the 
remainder of their term as members of the Board of 
Trustees of the Social Security Trust Fund. 
(d) CONFORMING AMENDMENTS RELATED TO SO-
CIAL SECURITY TRUST FUND.— 
(1) AMENDMENT TO SECTION HEADING.—The 
section heading for section 201 of the Social Secu-
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