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H.R. 1700: Social Security Expansion Act

The "Social Security Expansion Act" proposes several significant changes to the existing Social Security framework. The main objectives of the bill include:

Enhancements to Benefits

The legislation aims to improve Social Security benefits by:

  • Increasing minimum payments for individuals who earn low wages.
  • Extending eligibility for dependent children, allowing more families to benefit from the program.

Funding Adjustments

To support these enhanced benefits and ensure the long-term solvency of the Social Security program, the bill introduces:

  • New payroll taxes specifically targeting high earners.
  • Additional taxes on investment income.

Implementation Timeline

The adjustments to benefits are set to begin in 2026, while the payroll tax changes and other amendments to funding will be implemented sooner.

Amendments to the Social Security Act

The bill also revises the Social Security Act, with notable changes including:

  • The consolidation of various trust funds into a single "Social Security Trust Fund." This aims to streamline the management and oversight of Social Security funds.
  • Requiring actuarial analyses for all beneficiaries to ensure more accurate assessment and distribution of benefits.
  • All benefits will be disbursed from this newly designated trust fund.

These amendments will take effect on January 1 of the year following the enactment of the bill.

Relevant Companies

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This is an AI-generated summary of the bill text. There may be mistakes.

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Sponsors

33 bill sponsors

Actions

3 actions

Date Action
Feb. 27, 2025 Introduced in House
Feb. 27, 2025 Referred to the Committee on Ways and Means, and in addition to the Committees on Education and Workforce, and Transportation and Infrastructure, 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.
Feb. 27, 2025 Referred to the Subcommittee on Railroads, Pipelines, and Hazardous Materials.

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