Social Security Enhancement and Protection Act of 2023

Summary

Social Security Enhancement and Protection Act of 2023 This bill increases certain Social Security taxes and benefits. Under current law, Social Security has a taxable earnings base , which refers to the maximum amount of a worker's earnings that are subject to Social Security payroll taxes (set at $160,200 in 2023). Additionally, the taxable earnings base serves as the maximum amount of earnings used to calculate a worker's Social Security benefits. This bill gradually increases the Social Security payroll tax rate from 6.2% to 6.5% over six years. It also phases out the taxable earnings base, thereby applying the payroll taxes to a greater amount of a worker's earnings, and revises the method to calculate a worker's Social Security benefits to account for earnings in excess of the taxable earnings base. Other changes to benefits include establishing a new method to calculate benefits for lifetime low earners and increasing benefits for certain beneficiaries on account of long-term eligibility. In addition, an eligible child of a retired, disabled, or deceased worker may continue to receive benefits through age 26, provided the child is a full-time student.

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Timeline

1. 31 January 2023

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 31 January 2023

   Introduced

   Introduced in House

   Source: IntroReferral

3. 31 January 2023

   Introduced

   Introduced in House

   Source: IntroReferral

4. 17 December 2024

   Referred

   Referred to the Subcommittee on Social Security.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 31 January 2023 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 31 January 2023

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 31 January 2023

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 31 January 2023

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  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Moore, Gwen [D-WI-4] · D · Sponsor
• Rep. Schakowsky, Janice D. [D-IL-9] · D · Sponsor
• Rep. Nadler, Jerrold [D-NY-12] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to ← Social Security Enhancement and Protection Act of 2021