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HR 1700

Social Security Expansion Act

119th Congress Introduced by Alma Adams and 35 co-sponsors

The Social Security Expansion Act boosts benefits, adjusts cost-of-living calculations, and taxes high earners to enhance support for retirees and low-income workers.

Introduced in House
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WeVote Research Nonpartisan
Bill Summary · HR 1700

Summary of HR 1700: Social Security Expansion Act

Bill Number: HR 1700
Introduced: February 27, 2025
Status: Introduced in House
Primary Sponsor: Val T. Hoyle
Cosponsors: 27 additional members of Congress

Purpose and Intent

The Social Security Expansion Act aims to enhance the Social Security program by increasing benefits, adjusting cost-of-living calculations, and expanding eligibility criteria. The bill seeks to address the financial needs of retirees and low-income earners while ensuring the long-term sustainability of the Social Security Trust Fund.

Key Provisions

The bill includes several significant provisions:

  1. Across-the-Board Benefit Increase

    • Provides a general increase in Social Security benefits for all recipients.

  2. Computation of Cost-of-Living Increases

    • Revises the method for calculating cost-of-living adjustments (COLAs) to better reflect the actual expenses faced by beneficiaries.

  3. Increase in Minimum Benefit for Lifetime Low Earners

    • Establishes a higher minimum benefit for individuals who have worked for many years but have low lifetime earnings.

  4. Extended Benefit Eligibility for Full-Time Student Children

    • Allows children of beneficiaries who are full-time students to receive benefits for a longer duration.

  5. Payroll Tax Adjustments

    • Introduces a payroll tax on earnings above $250,000, ensuring higher earners contribute more to the Social Security system.

  6. Tax on Net Earnings from Self-Employment

    • Similar to the payroll tax, this provision applies to self-employed individuals earning above the contribution and benefit base.

  7. Tax on Investment Gains

    • Implements a tax on investment gains to further fund Social Security.

  8. Establishment of the Social Security Trust Fund

    • Creates a dedicated trust fund to manage the additional revenues generated from the new taxes.

Impact

The Social Security Expansion Act is expected to benefit:

  • Current and Future Beneficiaries: By increasing benefits and adjusting COLAs, the bill aims to provide more financial security to retirees and low-income workers.
  • Full-Time Students: Children of beneficiaries who are pursuing education will have extended access to benefits.
  • High Earners and Investors: The new taxes will primarily affect individuals with earnings above $250,000, redistributing funds to support the Social Security program.

Procedural Aspects

  • The bill was introduced and referred to multiple committees, including the Committee on Ways and Means and the Committee on Education and Workforce.
  • It is currently under consideration, with further actions to be determined by the Speaker of the House.

Related Legislation

  • S 770: A companion bill in the Senate that mirrors the provisions of HR 1700.

This summary provides an overview of the Social Security Expansion Act, highlighting its intent, key provisions, and potential impacts on various stakeholders. The bill represents a significant effort to strengthen the Social Security system and improve the financial well-being of its beneficiaries.

Compiled from official sources — confirm details with the bill’s official record.

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