We have received text from S. 5042: Social Security 2100 Act. This bill was received on 2026-07-21, and currently has 4 cosponsors.
Here is a short summary of the bill:
The bill would make a wide range of changes to Social Security and related benefit programs. It would increase benefits for current and future recipients, change how annual cost-of-living increases are calculated, expand eligibility for some people, raise payroll and other taxes used to support the system, and add new protections around Social Security operations and data.
Benefit increases and formula changes
The bill would raise Social Security benefits in several ways. It would update the annual cost-of-living adjustment (COLA) method by using a different inflation measure, and it would also increase minimum benefits and widows’ benefits. In addition, it would provide extra benefit increases for people who have been on the rolls for a long time.
For some beneficiaries, the bill would also change how disability benefits work. It would end the 5-month waiting period before disability payments begin, and it would allow disability benefits to phase down gradually as a person’s earnings rise instead of stopping all at once.
The bill would expand family-related benefits too. It would add caregiver credits, extend child and student benefits up to age 26, and broaden eligibility rules for dependent children.
Tax changes and trust fund financing
To help pay for the added benefits, the bill would increase Social Security financing by raising taxes on higher earnings and certain investment income. After 2026, it would remove the wage cap for Social Security taxes, meaning wages and self-employment income above the current taxable limit would also be subject to Social Security tax. It would also expand the benefit formula so that earnings above the current base can be included in benefit calculations.
The bill would additionally tax net investment income for Social Security purposes. It would combine existing trust funds into a single Social Security Trust Fund.
Protections for SSI, Medicaid, and CHIP
The bill would protect Supplemental Security Income (SSI), Medicaid, and CHIP from certain changes to the Social Security benefit formula. The intent is to keep those programs from being reduced or altered indirectly because of changes made to Social Security calculations.
SSA operations, staffing, and office closures
The bill would place limits on changes to Social Security Administration operations. It would protect SSA staffing and field offices, and it would impose a moratorium on closures or consolidations of field offices unless strict notice, hearing, reporting, and service-maintenance requirements are met. These rules are meant to ensure that service access is not reduced without review and public notice.
Privacy, oversight, and payment recovery rules
The bill would strengthen Social Security data and privacy protections. It would bar political appointees from accessing beneficiary systems, create penalties and investigative tools for violations, and add safeguards around the use of beneficiary information.
It would also limit how aggressively overpayments can be clawed back from beneficiaries. In addition, it would require mailed Social Security statements unless a person opts out, rather than relying only on electronic access.
Relevant Companies
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Senator Richard Blumenthal Bill Proposals
Here are some bills which have recently been proposed by Senator Richard Blumenthal:
- S.5166: A bill to amend the Federal Food, Drug, and Cosmetic Act to strengthen requirements related to nutrient information on food labels, and for other purposes.
- S.5042: Social Security 2100 Act
- S.4936: STOP Frontovers Act of 2026
- S.4874: Tristan's Law
- S.4843: Enhancing Mental Health and Suicide Prevention Through Campus Planning Act
- S.4724: No Toxic Chemicals in Food Packaging Act of 2026
You can track bills proposed by Senator Richard Blumenthal on Quiver Quantitative's politician page for Blumenthal.
2028 Connecticut US Senate Election
There has been approximately $16,413,584 of spending in Connecticut US Senate elections over the last two years, per our estimates.
Approximately $110,160 of this has been from outside spending by PACs and Super PACs.
You can track this election on our matchup page for the 2028 Connecticut US Senate election.
This article is not financial advice. See Quiver Quantitative's disclaimers for more information.
