I 
117TH CONGRESS 
2D SESSION 
H. R. 8005 
To enhance Social Security benefits and ensure the long-term solvency of 
the Social Security program. 
IN THE HOUSE OF REPRESENTATIVES 
JUNE 9, 2022 
Mr. DEFAZIO (for himself, Mr. COHEN, Mr. LYNCH, Mr. GRIJALVA, Ms. 
MOORE of Wisconsin, Ms. JAYAPAL, Mr. PAYNE, Mr. BOWMAN, Ms. 
TLAIB, Ms. ADAMS, Mr. GARCI´A of Illinois, Mr. RASKIN, Ms. JACKSON 
LEE, Ms. PINGREE, Ms. LEE of California, Ms. SCHAKOWSKY, Ms. NOR-
TON, Ms. OCASIO-CORTEZ, Mr. MCGOVERN, and Mr. SAN NICOLAS) in-
troduced the following bill; which was referred to the Committee on Ways 
and Means, and in addition to the Committees on Education and Labor, 
and Transportation and Infrastructure, for a period to be subsequently 
determined by the Speaker, in each case for consideration of such provi-
sions as fall within the jurisdiction of the committee concerned 
A BILL 
To enhance Social Security benefits and ensure the long- 
term solvency of the Social Security program. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘Social Security Expansion Act’’. 
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(b) TABLE OF CONTENTS.—The table of contents of 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. Across-the-board benefit increase. 
Sec. 3. Computation of cost-of-living increases. 
Sec. 4. Increase in minimum benefit for lifetime low earners based on years in 
the workforce. 
Sec. 5. Extended benefit eligibility for children who are full-time students. 
Sec. 6. Payroll tax on remuneration up to contribution and benefit base and 
more than $250,000. 
Sec. 7. Tax on net earnings from self-employment up to contribution and ben-
efit base and more than $250,000. 
Sec. 8. Tax on investment gain. 
Sec. 9. Social Security Trust Fund established. 
SEC. 2. ACROSS-THE-BOARD BENEFIT INCREASE. 
(a) INCREASE OF FIRST BEND POINT PERCENT-
AGE.—Section 215(a)(1)(A)(i) of the Social Security Act 
(42 U.S.C. 415(a)(1)(A)(i)) is amended by striking ‘‘90 
percent’’ and inserting ‘‘95 percent’’. 
(b) ADJUSTMENT TO BEND POINT AMOUNT.— 
(1) IN GENERAL.—Section 215(a)(1)(B) of the 
Social Security Act (42 U.S.C. 415(a)(1)(B)) is 
amended— 
(A) by redesignating clause (iii) as clause 
(iv); and 
(B) by inserting after clause (ii) the fol-
lowing new clause: 
‘‘(iii) For an individual who is eligible for an 
old-age or disability insurance benefit (or who dies 
before becoming eligible for such a benefit) in any 
calendar year after 2022, the amount determined for 
the individual under clause (ii) of this subparagraph 
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for purposes of subparagraph (A)(i)(I) shall be in-
creased by 22 percent.’’. 
(2) CONFORMING AMENDMENT.—Clause (iv) of 
section 215(a)(1)(B) of the Social Security Act (42 
U.S.C. 415(a)(1)(B)), as redesignated by subsection 
(b), is amended by inserting ‘‘(after the application 
of clause (iii), when applicable)’’ after ‘‘clause (ii)’’. 
(c) EFFECTIVE DATE.— 
(1) IN GENERAL.—The amendments made by 
this section shall take effect on January 1, 2023, 
and shall apply with respect to monthly insurance 
benefits payable under title II of the Social Security 
Act (42 U.S.C. 401 et seq.) for months in calendar 
years beginning on or after such date. 
(2) RECOMPUTATION OF PRIMARY INSURANCE 
AMOUNTS.— 
(A) IN
GENERAL.—Notwithstanding sec-
tion 215(f) of the Social Security Act (42 
U.S.C. 415(f)), the Commissioner of Social Se-
curity 
shall 
recompute 
primary 
insurance 
amounts to the extent necessary to carry out 
the amendments to this section. 
(B) RULE
OF
APPLICATION.—In recom-
puting the primary insurance amount of an in-
dividual who initially became eligible for old-age 
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or disability insurance benefits before January 
1, 2023, the Commissioner of Social Security 
shall apply the increase described in clause (iii) 
of section 215(a)(1)(B) of the Social Security 
Act (as added by subsection (b)(1)(B)) to the 
amount determined under clause (ii) of such 
section 215(a)(1)(B) for the calendar year in 
which the individual initially became eligible for 
such benefits. 
SEC. 3. COMPUTATION OF COST-OF-LIVING INCREASES. 
(a) IN GENERAL.—Section 215(i)(1) of the Social Se-
curity Act (42 U.S.C. 415(i)(1)) is amended by adding 
at the end the following new subparagraph: 
‘‘(H) the term ‘Consumer Price Index’ means 
the Consumer Price Index for Elderly Consumers 
(CPI–E, as published by the Bureau of Labor Sta-
tistics of the Department of Labor).’’. 
(b) APPLICATION TO PRE-1979 LAW.— 
(1) IN GENERAL.—Section 215(i)(1) of the So-
cial Security Act as in effect in December 1978, and 
as applied in certain cases under the provisions of 
such Act as in effect after December 1978, is 
amended by adding at the end the following new 
subparagraph: 
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‘‘(D) the term ‘Consumer Price Index’ means 
the Consumer Price Index for Elderly Consumers 
(CPI–E, as published by the Bureau of Labor Sta-
tistics of the Department of Labor).’’. 
(2) CONFORMING CHANGE.—Section 215(i)(4) 
of the Social Security Act (42 U.S.C. 415(i)(4)) is 
amended— 
(A) by striking ‘‘and by section 9001’’ and 
inserting ‘‘, section 9001’’; and 
(B) by inserting ‘‘and section 3 of the So-
cial Security Expansion Act,’’ after ‘‘1986,’’. 
(c) NO EFFECT ON ADJUSTMENTS UNDER OTHER 
LAWS.—Section 215(i) of the Social Security Act (42 
U.S.C. 415(i)) is amended by adding at the end the fol-
lowing: 
‘‘(6) Any provision of law (other than in this title, 
title VIII, or title XVI) which provides for adjustment of 
an amount based on a change in benefit amounts resulting 
from a determination made under this subsection shall be 
applied and administered without regard to the amend-
ments made by section 3 of the Social Security Expansion 
Act, and, for purposes of making such an adjustment 
under such a provision, this subsection as in effect on the 
day before the date of enactment of such Act shall con-
tinue to apply.’’. 
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(d) PUBLICATION OF CONSUMER PRICE INDEX FOR 
ELDERLY CONSUMERS.—The Bureau of Labor Statistics 
of the Department of Labor shall prepare and publish the 
index authorized by section 191 of the Older Americans 
Amendments Act of 1987 (29 U.S.C. 2 note) for each cal-
endar month, beginning with July of the calendar year fol-
lowing the calendar year in which this Act is enacted, and 
such index shall be known as the ‘‘Consumer Price Index 
for Elderly Consumers’’. 
(e) EFFECTIVE DATE.—The amendments made by 
subsection (a) shall apply to determinations made with re-
spect to cost-of-living computation quarters (as defined in 
section 215(i)(1)(B) of the Social Security Act (42 U.S.C. 
415(i)(1)(B))) ending on or after September 30 of the sec-
ond calendar year following the calendar year in which this 
Act is enacted. 
SEC. 4. INCREASE IN MINIMUM BENEFIT FOR LIFETIME 
LOW EARNERS BASED ON YEARS IN THE 
WORKFORCE. 
(a) IN GENERAL.—Section 215(a)(1) of the Social 
Security Act (42 U.S.C. 415(a)(1)) is amended— 
(1) by redesignating subparagraph (D) as sub-
paragraph (E); and 
(2) by inserting after subparagraph (C) the fol-
lowing new subparagraph: 
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‘‘(D)(i) Effective with respect to the benefits of indi-
viduals who become eligible for old-age insurance benefits 
or disability insurance benefits (or die before becoming so 
eligible) after 2022, no primary insurance amount com-
puted under subparagraph (A) may be less than the great-
er of— 
‘‘(I) the minimum monthly amount computed 
under subparagraph (C); or 
‘‘(II) in the case of an individual who has more 
than 10 years of work (as defined in clause (iv)(I)), 
the alternative minimum amount determined under 
clause (ii). 
‘‘(ii)(I) The alternative minimum amount determined 
under this clause is the applicable percentage of 1⁄12 of 
the annual dollar amount determined under clause (iii) for 
the year in which the amount is determined. 
‘‘(II) For purposes of subclause (I), the applicable 
percentage is the percentage specified in connection with 
the number of years of work, as set forth in the following 
table: 
‘‘If the number of years 
The applicable 
of work is: 
percentage is: 
11 ......................................................................................
6.25 percent
12 ......................................................................................
12.50 percent
13 ......................................................................................
18.75 percent
14 ......................................................................................
25.00 percent
15 ......................................................................................
31.25 percent
16 ......................................................................................
37.50 percent
17 ......................................................................................
43.75 percent
18 ......................................................................................
50.00 percent
19 ......................................................................................
56.25 percent
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‘‘If the number of years 
The applicable 
of work is: 
percentage is: 
20 ......................................................................................
62.50 percent
21 ......................................................................................
68.75 percent
22 ......................................................................................
75.00 percent
23 ......................................................................................
81.25 percent
24 ......................................................................................
87.50 percent
25 ......................................................................................
93.75 percent
26 ......................................................................................
100.00 percent
27 ......................................................................................
106.25 percent
28 ......................................................................................
112.50 percent
29 ......................................................................................
118.75 percent
30 or more ........................................................................
125.00 percent. 
‘‘(iii) The annual dollar amount determined under 
this clause is— 
‘‘(I) for calendar year 2023, the poverty guide-
line for 2022; and 
‘‘(II) for any calendar year after 2023, the an-
nual dollar amount for 2022 multiplied by the ratio 
of— 
‘‘(aa) the national average wage index (as 
defined in section 209(k)(1)) for the second cal-
endar year preceding the calendar year for 
which the determination is made, to 
‘‘(bb) the national average wage index (as 
so defined) for 2021. 
‘‘(iv) For purposes of this subparagraph— 
‘‘(I) the term ‘year of work’ means, with re-
spect to an individual, a year to which 4 quarters of 
coverage have been credited based on such individ-
ual’s wages and self-employment income; and 
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‘‘(II) the term ‘poverty guideline for 2022’ 
means the annual poverty guideline for 2022 (as up-
dated annually in the Federal Register by the De-
partment of Health and Human Services under the 
authority of section 673(2) of the Omnibus Budget 
Reconciliation Act of 1981) as applicable to a single 
individual.’’. 
(b) 
RECOMPUTATION.—Notwithstanding 
section 
215(f)(1) of the Social Security Act, the Commissioner of 
Social Security shall recompute primary insurance 
amounts originally computed for months prior to Novem-
ber 2018 to the extent necessary to carry out the amend-
ments made by this section. 
(c) CONFORMING AMENDMENT.—Section 209(k)(1) 
of such Act (42 U.S.C. 409(k)(1)) is amended by inserting 
‘‘215(a)(1)(E),’’ after ‘‘215(a)(1)(D),’’. 
SEC. 5. EXTENDED BENEFIT ELIGIBILITY FOR CHILDREN 
WHO ARE FULL-TIME STUDENTS. 
(a) IN GENERAL.— 
(1) IN GENERAL.—Section 202(d) of the Social 
Security Act (42 U.S.C. 402(d)) is amended— 
(A) in paragraph (1)— 
(i) in subparagraph (B)— 
(I) by striking ‘‘or (ii)’’ and in-
serting ‘‘(ii)’’; and 
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(II) by inserting ‘‘or (iii) was the 
child of an individual entitled to dis-
ability insurance benefits or of an in-
dividual who dies a fully or currently 
insured individual and was a full-time 
student at an educational institution 
and had not attained the age of 22,’’ 
after ‘‘22,’’; 
(ii) in subparagraph (E)— 
(I) by striking ‘‘and (ii)’’ and in-
serting ‘‘(ii)’’; and 
(II) by inserting ‘‘and (iii) is not 
a full-time student at an educational 
institution during any part of such 
month (in the case of a child who is 
the child of an individual entitled to 
disability insurance benefits or of an 
individual who dies a fully or cur-
rently insured individual)’’ before the 
comma at the end; 
(iii) in subparagraph (F), by striking 
clauses (i) and (ii) and inserting the fol-
lowing: 
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‘‘(i) in the case of a child who is the child 
of an individual entitled to old-age insurance 
benefits— 
‘‘(I) the first month during no part of 
which the child is a full-time elementary or 
secondary school student, or 
‘‘(II) the month in which the child at-
tains the age of 19, and 
‘‘(ii) in the case of a child who is the child 
of an individual entitled to disability insurance 
benefits or of an individual who dies a fully or 
currently insured individual— 
‘‘(I) the first month during no part of 
which the child is a full-time student at an 
educational institution, or 
‘‘(II) the month in which the child at-
tains the age of 22,’’; and 
(iv) in subparagraph (G), by striking 
clauses (ii) and (iii) and inserting the fol-
lowing: 
‘‘(ii) in the case of a child who is the child 
of an individual entitled to old-age insurance 
benefits— 
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‘‘(I) the first month during no part of 
which the child is a full-time elementary or 
secondary school student, or 
‘‘(II) the month in which the child at-
tains the age of 19, and 
‘‘(iii) in the case of a child who is the child 
of an individual entitled to disability insurance 
benefits or of an individual who dies a fully or 
currently insured individual— 
‘‘(I) the first month during no part of 
which the child is a full-time student at an 
educational institution, or 
‘‘(II) the month in which the child at-
tains the age of 22,’’; 
(B) in paragraph (6)— 
(i) in subparagraph (A)— 
(I) by striking ‘‘or (ii)’’ and in-
serting ‘‘(ii)’’; and 
(II) by inserting ‘‘or (iii) is the 
child of an individual entitled to dis-
ability insurance benefits or of an in-
dividual who dies a fully or currently 
insured individual and is a full-time 
student at an educational institution 
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and has not attained the age of 22,’’ 
after ‘‘22,’’; and 
(ii) by striking subparagraphs (D) 
and (E) and inserting the following: 
‘‘(D) the earlier of— 
‘‘(i) in the case of a child who is the child 
of an individual entitled to old-age insurance 
benefits— 
‘‘(I) the first month during no part of 
which the child is a full-time elementary or 
secondary school student; or 
‘‘(II) the month in which the child at-
tains the age of 19; and 
‘‘(ii) in the case of a child who is the child 
of an individual entitled to disability insurance 
benefits or of an individual who dies a fully or 
currently insured individual— 
‘‘(I) the first month during no part of 
which the child is a full-time student at an 
educational institution; or 
‘‘(II) the month in which the child at-
tains the age of 22; 
but only if the child is not under a disability (as 
so defined) in such earlier month; or 
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full-time attendance as a student at an elementary 
school (but only in the case of an individual who has 
not attained the age of 19) or a secondary school or 
an institution described in section 102 of the Higher 
Education Act of 1965 (20 U.S.C. 1002), as deter-
mined by the Commissioner of Social Security (in 
accordance with regulations prescribed by the Com-
missioner) in the light of the standards and prac-
tices of the schools and institutions involved, except 
that no individual shall be considered a ‘full-time 
student at an educational institution’ if the indi-
vidual is paid by his employer while attending a 
school or institution at the request, or pursuant to 
a requirement, of his employer. An individual shall 
not be considered a ‘full-time student at an edu-
cational institution’ for the purpose of this section 
while that individual is confined in a jail, prison, or 
other penal institution or correctional facility, pursu-
ant to the individual’s conviction of an offense (com-
mitted after the effective date of this sentence) 
which constituted a felony under applicable law. An 
individual who is determined to be a full-time stu-
dent at an educational institution shall be deemed to 
be such a student throughout the month with re-
spect to which such determination is made. 
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‘‘(F) Except to the extent provided in such reg-
ulations, an individual shall be deemed to be a full- 
time student at a school or educational institution 
during any period of nonattendance at a school or 
institution at which he has been in full-time attend-
ance if (i) such period is 4 calendar months or less, 
and (ii) the individual shows to the satisfaction of 
the Commissioner of Social Security that the indi-
vidual intends to continue to be in full-time attend-
ance at a secondary school or institution described 
in section 102 of the Higher Education Act of 1965 
(20 U.S.C. 1002) immediately following such period. 
An individual who does not meet the requirement of 
clause (ii) with respect to such period of nonattend-
ance shall be deemed to have met such requirement 
(as of the beginning of such period) if he is in full- 
time attendance at such a school or institution im-
mediately following such period. 
‘‘(G) A child who attains age 22 at a time when 
the child is a full-time student of an educational in-
stitution (as defined in subparagraph (E) and with-
out application of subparagraph (F)) but has not (at 
such time) completed the requirements for, or re-
ceived, a diploma or equivalent certificate from a 
secondary school (as defined in subparagraph (C)(i)) 
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or, if such child is a student at an educational insti-
tution described in section 102 of the Higher Edu-
cation Act of 1965, a diploma, degree, or equivalent 
degree from such an institution, shall be deemed (for 
purposes of determining whether the child’s entitle-
ment to benefits under this subsection has termi-
nated under paragraph (1)(F) and for purposes of 
determining his initial entitlement to such benefits 
under clause (iii) of paragraph (1)(B)) not to have 
attained such age until the first day of the first 
month following the end of the quarter or semester 
in which he is enrolled at such time (or, if the sec-
ondary school or educational institution in which he 
is enrolled is not operated on a quarter or semester 
system, until the first day of the first month fol-
lowing the completion of the course in which the 
child is so enrolled or until the first day of the third 
month beginning after such time, whichever first oc-
curs).’’. 
(2) EFFECTIVE DATE.—The amendments made 
by this subsection shall apply to child’s insurance 
benefits that are payable for months beginning on or 
after January 1, 2023. 
(b) RAILROAD RETIREMENT ACT.— 
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(1) Section 2(d) of the Railroad Retirement Act 
of 1974 (45 U.S.C. 232(2)(d)) is amended— 
(A) in clause (iii) of paragraph (1), by 
striking ‘‘will be less than nineteen years of age 
and a full-time elementary or secondary school 
student’’ and inserting ‘‘will be less than 22 
years of age and a full-time student at an edu-
cational institution (as defined in section 
202(d)(7)(E) of the Social Security Act)’’; and 
(B) in paragraph (4)— 
(i) by striking ‘‘(defining the terms 
‘full-time elementary or secondary school 
student’ and ‘elementary or secondary 
school’)’’; 
(ii) by striking ‘‘nineteen’’ and insert-
ing ‘‘22’’; 
(iii) by striking ‘‘full-time elementary 
or secondary school student’’ and inserting 
‘‘full-time student at an educational insti-
tution’’; 
(iv) by striking ‘‘subparagraph (A) of 
paragraph (7) of section 202(d) of the So-
cial Security Act and without the applica-
tion of subparagraph (B)’’ and inserting 
‘‘subparagraph (E) of section 202(d)(7) of 
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the Social Security Act, without regard to 
subparagraph (F) of such section’’; 
(v) by striking ‘‘a diploma or equiva-
lent certificate from a secondary school (as 
defined in section 202(d)(7)(c)(i) of the 
Social Security Act)’’ and inserting ‘‘a di-
ploma, degree, or equivalent certificate 
from a secondary school or educational in-
stitution described in section 202(d)(7)(E) 
of the Social Security Act’’; and 
(vi) by striking ‘‘elementary or sec-
ondary school in which he is enrolled’’ and 
inserting ‘‘school or institution in which 
the child is enrolled’’. 
(2) Section 5(c)(7) of the Railroad Retirement 
Act of 1974 (45 U.S.C. 235(c)(7)) is amended— 
(A) by striking ‘‘full-time elementary or 
secondary school student’’ and inserting ‘‘full- 
time student at an educational institution’’; and 
(B) by striking ‘‘19’’ and inserting ‘‘22’’. 
(3) The amendments made by this subsection 
shall apply to benefits under the Railroad Retire-
ment Act of 1974 that are payable for months be-
ginning on or after January 1, 2023. 
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SEC. 6. PAYROLL TAX ON REMUNERATION UP TO CON-
TRIBUTION AND BENEFIT BASE AND MORE 
THAN $250,000. 
(a) IN GENERAL.—Paragraph (1) of section 3121(a) 
of the Internal Revenue Code of 1986 is amended by in-
serting after ‘‘such calendar year.’’ the following: ‘‘The 
preceding sentence shall apply only to calendar years for 
which the contribution and benefit base (as so determined) 
is less than $250,000, and, for such calendar years, only 
to so much of the remuneration paid to such employee 
by such employer with respect to employment as does not 
exceed $250,000.’’. 
(b) CONFORMING AMENDMENT.—Paragraph (1) of 
section 3121(a) of the Internal Revenue Code of 1986 is 
amended by striking ‘‘Act) to’’ and inserting ‘‘Act), or in 
excess of $250,000, to’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to remuneration paid on or after 
January 1 of the first calendar year that begins after the 
date of enactment of this Act. 
SEC. 7. TAX ON NET EARNINGS FROM SELF-EMPLOYMENT 
UP TO CONTRIBUTION AND BENEFIT BASE 
AND MORE THAN $250,000. 
(a) IN GENERAL.—Paragraph (1) of section 1402(b) 
of the Internal Revenue Code of 1986 is amended to read 
as follows: 
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‘‘(1) in the case of the tax imposed by section 
1401(a), the excess of— 
‘‘(A) that part of the net earnings from 
self-employment which is in excess of— 
‘‘(i) an amount equal to the contribu-
tion 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, minus 
‘‘(ii) the amount of the wages paid to 
such individual during such taxable years, 
over 
‘‘(B) the sum of— 
‘‘(i) the excess of— 
‘‘(I) the net earning from self- 
employment reduced by the excess (if 
any) of subparagraph (A)(i) over sub-
paragraph (A)(ii), over 
‘‘(II) $250,000, reduced by such 
contribution and benefit base, plus 
‘‘(ii) the amount of the wages paid to 
such individual during such taxable year in 
excess of such contribution and benefit 
base and not in excess of $250,000; or’’. 
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(b) PHASEOUT.—Subsection (b) of section 1402 of 
the Internal Revenue Code of 1986 is amended by adding 
at the end the following: ‘‘Paragraph (1) shall apply only 
to taxable years beginning in calendar years for which the 
contribution and benefit base (as determined under section 
230 of the Social Security Act) is less than $250,000.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to net earnings from self-employ-
ment derived, and remuneration paid, on or after January 
1 of the first calendar year that begins after the date of 
enactment of this Act. 
SEC. 8. TAX ON INVESTMENT GAIN. 
(a) INCREASE IN TAX.— 
(1) IN
GENERAL.—Subsection (a) of section 
1411 of the Internal Revenue Code of 1986 is 
amended by striking ‘‘3.8 percent’’ each place it ap-
pears and inserting ‘‘16.2 percent’’. 
(2) CONFORMING AMENDMENT.—The heading 
for chapter 2A of the Internal Revenue Code of 
1986 is amended by striking ‘‘UNEARNED IN-
COME MEDICARE CONTRIBUTION’’ and 
inserting 
‘‘ADDITIONAL 
TAX 
ON 
UN-
EARNED INCOME IN LIEU OF SOCIAL 
SECURITY AND MEDICARE TAXES’’. 
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(b) INCLUSION OF ACTIVE TRADE OR BUSINESS IN-
COME.— 
(1) IN GENERAL.—Section 1411(c)(1)(A) of the 
Internal Revenue Code of 1986 is amended— 
(A) in clause (i), by striking ‘‘, other than 
such income which is derived in the ordinary 
course of a trade or business not described in 
paragraph (2)’’, 
(B) in clause (ii), by striking ‘‘described in 
paragraph (2)’’ and inserting ‘‘(determined 
under rules similar to the rules of paragraphs 
(5) and (6) of section 469(c))’’, and 
(C) in clause (iii), by striking ‘‘other than 
property held in a trade or business not de-
scribed in paragraph (2)’’. 
(2) DENIAL
OF
DEDUCTION
FOR
NET
OPER-
ATING LOSSES.—Section 1411(c)(1)(B) of such Code 
is amended by inserting ‘‘(other than the deduction 
for net operating losses provided in section 172)’’ 
after ‘‘net gain’’. 
(3) CONFORMING AMENDMENTS.— 
(A) Section 1411(c) of such Code is 
amended by striking paragraphs (2), (3), and 
(4) and by redesignating paragraphs (5) and 
(6) as paragraphs (2) and (3), respectively. 
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(B) Section 1411(c)(3) of such Code, as 
redesignated by subparagraph (A), is amended 
to read as follows: 
‘‘(3) SPECIAL RULE.—Net investment income 
shall not include— 
‘‘(A) any item taken into account in deter-
mining self-employment income for such taxable 
year on which a tax is imposed by section 1401, 
or 
‘‘(B) any item taken into account in deter-
mining wages received with respect to employ-
ment for such taxable year on which a tax is 
imposed by section 3101.’’. 
(c) EFFECTIVE DATE.—The amendments made by 
this section shall apply to taxable years beginning after 
the date of enactment of this Act. 
SEC. 9. SOCIAL SECURITY TRUST FUND ESTABLISHED. 
(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 
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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 9 of the Social Security Expansion Act, 
which securities and amount the Secretary of the Treasury 
is authorized and directed to transfer to the Social Secu-
rity 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 the date of the 
enactment of section 9 of the Social Security Expansion 
Act, and for each fiscal year thereafter, out of any moneys 
in the 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-
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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 
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) 62 percent of the taxes imposed under sec-
tion 1411 of the Internal Revenue 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, 
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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. 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 deter-
mines 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 shall transfer 
to the Trust Fund on the first day of such month the 
total amount which would have been transferred 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 
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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 
(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 
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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-
rity Act is amended to read as follows: ‘‘SOCIAL SE-
CURITY TRUST FUND’’. 
(2) BOARD OF TRUSTEES.—Section 201(c) of 
such Act, as amended by subsections (b) and (c)(1), 
is further amended— 
(A) in the matter preceding paragraph (1), 
by striking ‘‘Board of Trustees of the Trust 
Funds’’ and inserting ‘‘Board of Trustees of 
the Trust Fund’’; 
(B) in paragraph (1), by striking ‘‘Trust 
Funds’’ and inserting ‘‘Trust Fund’’; 
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(C) in paragraph (2)— 
(i) by striking ‘‘Trust Funds’’ and in-
serting ‘‘Trust Fund’’; and 
(ii) by striking ‘‘their’’ and inserting 
‘‘its’’; 
(D) in paragraph (3), by striking ‘‘either 
of the Trust Funds’’ and inserting ‘‘the Trust 
Fund’’; 
(E) in paragraph (5)— 
(i) by striking ‘‘managing the Trust 
Funds’’ and inserting ‘‘managing the 
Trust Fund’’; and 
(ii) by striking ‘‘Trust Funds are’’ 
and inserting ‘‘Trust Fund is’’; 
(F) in the matter following paragraph (5), 
by striking ‘‘Trust Funds’’ each place it ap-
pears and inserting ‘‘Trust Fund’’; and 
(G) 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 Insur-
ance Trust Fund, individually and collectively, 
are’’ and inserting ‘‘whether the Social Security 
Trust Fund is’’. 
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(3) INVESTMENTS.—Section 201 of such Act is 
amended in subsections (d) and (e) by striking 
‘‘Trust Funds’’ each place it appears and inserting 
‘‘Trust Fund’’. 
(4) CREDITING OF INTEREST AND PROCEEDS 
TO TRUST FUNDS.—Section 201(f) of such Act is 
amended— 
(A) by striking ‘‘the Federal Old-Age and 
Survivors Insurance Trust Fund and the Fed-
eral Disability Insurance Trust Fund shall be 
credited to and form a part of the Federal Old- 
Age and Survivors Insurance Trust Fund and 
the Disability Insurance Trust Fund, respec-
tively’’ and inserting ‘‘the Social Security Trust 
Fund shall be credited to and form a part of 
the Social Security Trust Fund’’; 
(B) by striking ‘‘either of the Trust 
Funds’’ and inserting ‘‘the Trust Fund’’; and 
(C) by striking ‘‘such Trust Fund’’ and in-
serting ‘‘the Trust Fund’’. 
(5) ADMINISTRATIVE COSTS.—Section 201(g) of 
such Act is amended— 
(A) in paragraph (1)— 
(i) in subparagraph (A), by striking 
‘‘Of the amounts authorized to be made 
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available out of the Federal Old-Age and 
Survivors Insurance Trust Fund and the 
Federal Disability Insurance Trust Fund 
under the preceding sentence’’ and all that 
follows through ‘‘(Public Law 103–296).’’; 
and 
(ii) in subparagraph (B)(i)— 
(I) by striking subclauses (II) 
and (III) and inserting the following: 
‘‘(II) the portion of such costs which 
should have been borne by the Social Security 
Trust Fund,’’; and 
(II) by redesignating subclauses 
(IV) and (V) as subclauses (III) and 
(IV); 
(B) in paragraph (2)— 
(i) by striking ‘‘Trust Funds’’ and in-
serting ‘‘Trust Fund’’; and 
(ii) by striking the last sentence; and 
(C) in paragraph (4), by striking ‘‘Trust 
Funds’’ each place it appears and inserting 
‘‘Trust Fund’’. 
(6) BENEFIT
PAYMENTS.—Section 201(h) of 
such Act is amended to read as follows: 
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‘‘(h) All benefit payments required to be made under 
this title shall be made only from the Social Security Trust 
Fund.’’. 
(7) GIFTS.—Section 201(i) of such Act is 
amended— 
(A) 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 
(B) in paragraph (2)(B), by striking ‘‘the 
Federal Old-Age and Survivors Insurance Trust 
Fund’’ and inserting ‘‘the Social Security Trust 
Fund’’. 
(8) TRAVEL EXPENSES.—Section 201(j) of such 
Act is amended by striking ‘‘the Federal Old-Age 
and Survivors Insurance Trust Fund, or the Federal 
Disability Insurance Trust Fund (as determined ap-
propriate by the Commissioner of Social Security)’’ 
and inserting ‘‘the Social Security Trust Fund’’. 
(9) 
DEMONSTRATION
PROJECTS.—Section 
201(k) of such Act is amended by striking ‘‘the Fed-
eral Disability Insurance Trust Fund and the Fed-
eral Old-Age and Survivors Insurance Trust Fund, 
as determined appropriate by the Commissioner of 
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Social Security’’ and inserting ‘‘the Social Security 
Trust Fund’’. 
(10) BENEFIT
CHECKS.—Section 201(m) of 
such Act is amended— 
(A) in paragraph (2), by striking ‘‘each of 
the Trust Funds’’ and inserting ‘‘the Social Se-
curity Trust Fund’’; 
(B) in paragraph (3), by striking ‘‘one of 
the Trust Funds’’ and inserting ‘‘the Trust 
Fund’’; and 
(C) by striking ‘‘such Trust Fund’’ each 
place it appears and inserting ‘‘the Trust 
Fund’’. 
(11) CONFORMING REPEALS.— 
(A) IN
GENERAL.—Section 201 of such 
Act is amended by striking subsections (b), (l), 
and (n). 
(B) REDESIGNATIONS.—Section 201 of 
such Act is further amended— 
(i) by redesignating subsections (c) 
through (j) as subsections (b) through (i), 
respectively; 
(ii) by redesignating subsection (k) as 
subsection (j); and 
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(iii) by redesignating subsection (m) 
as subsection (k). 
(C) REFERENCES TO REDESIGNATED SEC-
TIONS.— 
(i) Section 201(a) of such Act, as 
amended by subsection (a) of this section, 
is further amended— 
(I) 
by 
striking 
‘‘subsection 
(i)(1)’’ 
and 
inserting 
‘‘subsection 
(h)(1)’’; and 
(II) by striking ‘‘subsection (d)’’ 
and inserting ‘‘subsection (c)’’. 
(ii) Section 1131(b)(1) of such Act is 
amended by striking ‘‘section 201(g)(1)’’ 
and inserting ‘‘section 201(f)(1)’’. 
(e) OTHER CONFORMING AMENDMENTS TO SOCIAL 
SECURITY ACT.— 
(1) TITLE II.—Title II of the Social Security 
Act (42 U.S.C. 401 et seq.) is amended— 
(A) in section 202(x)(3)(B)(iii), by striking 
‘‘the Federal Old-Age and Survivors Insurance 
Trust Fund and the Federal Disability Insur-
ance Trust Fund, as appropriate,’’ and insert-
ing ‘‘the Social Security Trust Fund’’; 
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(B) 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’’; 
(C) in section 206(e)(3)(B), by striking 
‘‘the Federal Old-Age and Survivors Insurance 
Trust Fund and the Federal Disability Insur-
ance Trust Fund’’ and inserting ‘‘the Social Se-
curity Trust Fund’’; 
(D) in section 208(b)(5)(A), by striking 
‘‘the Federal Old-Age and Survivors Insurance 
Trust Fund and the Federal Disability Insur-
ance Trust Fund, as appropriate’’ and inserting 
‘‘the Social Security Trust Fund’’; 
(E) in section 215(i)(1)(F)— 
(i) in clause (i)— 
(I) 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 bal-
ance in the Social Security Trust 
Fund’’; and 
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(II) by striking ‘‘and reduced by 
the outstanding amount of any loan 
(including interest thereon) thereto-
fore made to either such Fund from 
the Federal Hospital Insurance Trust 
Fund under section 201(l)’’; and 
(ii) in clause (ii)— 
(I) by striking ‘‘the Federal Old- 
Age and Survivors Insurance Trust 
Fund and the Federal Disability In-
surance Trust Fund’’ and inserting 
‘‘the Social Security Trust Fund’’; 
and 
(II) by striking ‘‘(other than pay-
ments’’ and all that follows through 
‘‘from that Account’’; 
(F) in section 217(g)(2), by inserting after 
the first sentence the following: ‘‘For purposes 
of any such revision of the amount determined 
under paragraph (1) that occurs in a year after 
2015, any reference in such paragraph to the 
Federal Old-Age and Survivors Insurance Trust 
Fund or the Federal Disability Insurance Trust 
Fund shall be deemed to be a reference to the 
Social Security Trust Fund.’’; 
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(G) in section 221(e)— 
(i) by striking ‘‘Trust Funds’’ each 
place it appears and inserting ‘‘Trust 
Fund’’; and 
(ii) by striking the last sentence; 
(H) in section 221(f), by striking ‘‘Trust 
Funds’’ and inserting ‘‘Trust Fund’’; 
(I) in section 222(d)— 
(i) in the section heading, by striking 
‘‘TRUST FUNDS’’ and inserting ‘‘TRUST 
FUND’’; 
(ii) in paragraph (1), by striking ‘‘to 
the end that savings will accrue to the 
Trust Funds as a result of rehabilitating 
such individuals, there are authorized to be 
transferred from the Federal Old-Age and 
Survivors Insurance Trust Fund and the 
Federal Disability Insurance Trust Fund’’ 
and inserting ‘‘to the end that savings will 
accrue to the Trust Fund as a result of re-
habilitating such individuals, there are au-
thorized to be transferred from the Social 
Security Trust Fund’’; and 
(iii) by amending paragraph (4) to 
read as follows: 
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‘‘(4) The Commissioner of Social Security shall deter-
mine according to such methods and procedures as the 
Commissioner may deem appropriate the total amount to 
be reimbursed for the cost of services under this sub-
section.’’; 
(J) in section 228(g)— 
(i) in the section heading, by striking 
‘‘FEDERAL OLD-AGE AND SURVIVORS IN-
SURANCE
TRUST
FUND’’ and inserting 
‘‘SOCIAL SECURITY TRUST FUND’’; and 
(ii) in the matter preceding paragraph 
(1), by striking ‘‘Federal Old-Age and Sur-
vivors Insurance Trust Fund’’ and insert-
ing ‘‘Social Security Trust Fund’’; 
(K) in section 231(c), by striking ‘‘Trust 
Funds’’ each place it appears and inserting 
‘‘Trust Fund’’; and 
(L) in section 234(a)(1), by striking 
‘‘Trust Funds’’ and inserting ‘‘Trust Fund’’. 
(2) TITLE VII.—Title VII of the Social Security 
Act (42 U.S.C. 901 et seq.) is amended— 
(A) 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’’; 
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(B) in section 708(c), by striking ‘‘the 
‘OASDI trust fund ratio’ under section 201(l),’’ 
after ‘‘computing’’; 
(C) in section 709— 
(i) in subsection (a), by striking ‘‘Fed-
eral Old-Age and Survivors Insurance 
Trust Fund and the Federal Disability In-
surance Trust Fund’’ and inserting ‘‘Social 
Security Trust Fund’’; and 
(ii) in subsection (b)— 
(I) in paragraph (1), by striking 
‘‘section 201(l) or’’; and 
(II) in paragraph (2), by striking 
‘‘Federal Old-Age and Survivors In-
surance Trust Fund and the Federal 
Disability Insurance Trust Fund’’ and 
inserting 
‘‘Social 
Security 
Trust 
Fund’’; and 
(D) in section 710— 
(i) in subsection (a), by striking ‘‘Fed-
eral Old-Age and Survivors Insurance 
Trust Fund and the Federal Disability In-
surance Trust Fund’’ and inserting ‘‘Social 
Security Trust Fund’’; and 
(ii) in subsection (b)— 
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(I) by striking ‘‘any Trust Fund 
specified in subsection (a)’’ and in-
serting ‘‘the Social Security Trust 
Fund’’; and 
(II) by striking ‘‘payments from 
any such Trust Fund’’ and inserting 
‘‘payments from the Social Security 
Trust Fund’’. 
(3) TITLE XI.—Title XI of the Social Security 
Act (42 U.S.C. 1301 et seq.) is amended— 
(A) in section 1106(b), by striking ‘‘the 
Federal Old-Age and Survivors Insurance Trust 
Fund, the Federal Disability Insurance Trust 
Fund’’ and inserting ‘‘the Social Security Trust 
Fund’’; 
(B) in section 1129(e)(2)(A), by striking 
‘‘the Federal Old-Age and Survivors Insurance 
Trust Fund or the Federal Disability Insurance 
Trust Fund, as determined appropriate by the 
Secretary’’ and inserting ‘‘the Social Security 
Trust Fund’’; 
(C) in sections 1131(b)(2) and 1140(c)(2), 
by striking ‘‘the Federal Old-Age and Survivors 
Insurance Trust Fund’’ and inserting ‘‘the So-
cial Security Trust Fund’’; 
VerDate Sep 11 2014 
23:29 Jun 12, 2022
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pbinns on DSKJLVW7X2PROD with $$_JOB