Social Security 2100 Act

Bill: 113-hr-5306
Sponsor: Rep. Larson, John B. [D-CT-1]
Introduced: 2014-07-31 in the House
Policy area: Social Welfare
Subjects: Accounting and auditing
Employment taxes
Executive agency funding and structure
Financial services and investments
Government trust funds
Income tax exclusion
Income tax rates
Inflation and prices
Securities
Social Security Administration
Social security and elderly assistance
Wages and earnings

Summary:
action_date: 2014-07-31
text: 
Social Security 2100 Act - Amends title II (Old Age, Survivors and Disability Insurance) (OASDI) of the Social Security Act (SSA) to:
 
 
increase the primary insurance amount formula factor from 90% to 93% for all eligible beneficiaries, beginning in 2015;
 
revise computation of cost-of-living adjustments (COLAs) to use the Consumer Price Index for Elderly Consumers (CPI-E);
 
increase the special minimum primary insurance amount (25% above the federal poverty line) for lifetime low earners based on years in the workforce.
 
 
Amends the Internal Revenue Code (IRC) to increase the gross income threshold for taxation of Social Security benefits from $25,000 to $50,000 for single taxpayers and from $32,000 to $100,000 for married taxpayers filing joint returns, beginning in 2015.
 
Amends the IRC and SSA title II to impose the employment tax on all wage income above $400,000, effective in 2015. Requires incremental increases, up to 14.4% in 2037, in the employment and self-employment taxes.
 
Amends SSA title II to include 2% of an individual's excess average indexed monthly earnings (over $400,000 per annum) in the formula for determining primary insurance amounts.
 
Amends IRC to increase the Social Security tax rate on employees and employers and with respect to self-employment income. 
 
Amends SSA title II to establish an Independent Social Security Investment Oversight Board to:
 
 
set up a Common Stock Old-Age Investment Fund in the Federal Old-Age and Survivors Insurance Trust Fund and a Common Stock Disability Investment Fund in the Federal Disability Insurance Trust Fund, and
 
prescibe rules for the investment of the Common Stock Investment Funds in common stock.
 
 
Requires reallocation of a portion of employment tax revenues from the OASDI Trust Fund to the Federal Disability Insurance Trust Fund for wages paid after 2014.


Legislative actions:
action_date: 2014-11-17
text: Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
action_date: 2014-07-31
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2014-07-31
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2014-07-31
text: Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2014-07-31
text: Introduced in House
action_date: 2014-07-31
text: Introduced in House