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Bill

S 770

Social Security Expansion Act

119th Congress Introduced by Cory Booker and 10 co-sponsors

The Social Security Expansion Act boosts benefits for retirees and low-income earners, funded by new taxes on high earners and investment gains, ensuring long-term sustainability.

Introduced in Senate
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WeVote Research Nonpartisan
Bill Summary · S 770

Summary of Bill S 770: Social Security Expansion Act

Bill Number: S 770
Introduced: February 27, 2025
Status: Introduced in Senate
Classification: Bill

Purpose and Intent

The Social Security Expansion Act aims to enhance the Social Security program by increasing benefits and expanding eligibility for certain groups. The legislation seeks to address the financial challenges faced by retirees and low-income earners, ensuring a more robust safety net for vulnerable populations.

Key Provisions

The bill includes several significant provisions designed to improve the Social Security system:

  1. Across-the-Board Benefit Increase

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

  2. Computation of Cost-of-Living Increases

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

  3. Increase in Minimum Benefit for Lifetime Low Earners

    • Raises the minimum benefit for individuals who have spent a significant portion of their working life earning low wages, based on their years in the workforce.

  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 up to the contribution and benefit base, as well as an additional tax on earnings exceeding $250,000.

  6. Self-Employment Tax Changes

    • Implements a similar tax structure for self-employed individuals, applying to net earnings up to the contribution and benefit base and above $250,000.

  7. Tax on Investment Gains

    • Establishes a tax on investment gains to help fund the Social Security program.

  8. Creation of a Social Security Trust Fund

    • Proposes the establishment of a dedicated trust fund to ensure the long-term sustainability of Social Security.

Who Would Be Affected

  • Current and Future Social Security Beneficiaries: The bill would directly impact millions of retirees, low-income earners, and their families by increasing benefits and extending eligibility.
  • High Earners and Investors: Individuals earning over $250,000 and those with significant investment income would be subject to new taxes, contributing to the funding of the expanded benefits.

Procedural Aspects

  • The bill was introduced in the Senate on February 27, 2025, and has been read twice and referred to the Committee on Finance for further consideration.
  • A companion bill, HR 1700, has been introduced in the House of Representatives, indicating a parallel legislative effort.

Conclusion

The Social Security Expansion Act represents a significant legislative effort to strengthen the Social Security program, addressing the needs of low-income earners and enhancing benefits for current and future beneficiaries. By introducing new taxes on higher earners and investment gains, the bill aims to secure funding for these expansions, ensuring the program's sustainability for generations to come.

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

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