US Congress Senate Bill 1600 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 5-0)
Status: Introduced on July 20 2017 - 25% progression, died in committee
Action: 2017-07-20 - Read twice and referred to the Committee on Finance.
Pending: Senate Finance Committee
Text: Latest bill text (Introduced) [PDF]

Protecting and Preserving Social Security Act This bill revises the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phases out the cap on compensation subject to Social Security taxation. The bill directs the Bureau of Labor Statistics to prepare and publish a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. Beginning in two years after the enactment of this bill, the CPI-E, instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers, shall be used to calculate the cost-of-living adjustment for OASDI benefits. The bill also includes surplus earnings in the calculation of the primary insurance amount (i.e., the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age). The bill phases out and, after 2023, eliminates the cap on compensation ($128,400 in 2018) subject to Social Security taxation.

Protecting and Preserving Social Security Act

Sen. Mazie Hirono [D-HI]	Sen. Jeff Merkley [D-OR]	Sen. Kirsten Gillibrand [D-NY]	Sen. Claire McCaskill [D-MO]
Sen. Tina Smith [D-MN]

Date	Chamber	Action
2017-07-20	Senate	Read twice and referred to the Committee on Finance.

HB3302 (Same As) 2017-07-19 - Referred to the Committee on Ways and Means, and in addition to the Committees on Education and the Workforce, and Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

Type	Source
Summary	https://www.congress.gov/bill/115th-congress/senate-bill/1600/all-info
Text	https://www.congress.gov/115/bills/s1600/BILLS-115s1600is.pdf