Protecting and Preserving Social Security Act
Rep. Tokuda Introduces the Protecting and Preserving Social Security Act to Raise Benefits and Tax High Earners
This bill is currently in the early stages of the legislative process and is being reviewed by several House committees. It is actively moving through the initial committee phase, but no future votes or hearings have been scheduled yet.
Legislative Progress
This bill proposes significant tax increases on high earners, which lacks the bipartisan support needed to pass in the current political climate.
Key Points
Impact Analysis
Personal Impact
Life & Work
Self-employed individuals earning above the current Social Security tax cap would see their self-employment tax obligations rise significantly over seven years as the cap is phased out. High-earning small business owners would eventually pay the 12.4% self-employment tax on all net earnings, not just the first ~$170,000.
“For purposes of paragraph (1) of subsection (b), the applicable percentage for a taxable year beginning in any calendar year referred to in such paragraph shall be the percentage determined in accordance with the following table”
Programs
Disabilities
Milestones
Referred to the Committee on Ways and Means, and in addition to the Committees on Energy and Commerce, and Education and Workforce, 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.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Votes
No votes have been recorded for this legislation yet.
Related News
2 articlesSocial Security Bill Aims to Raise Payroll Tax Cap
The Protecting and Preserving Social Security Act would use the CPI-E to calculate COLAs and phase out the cap on Social Security contributions over seven years. High earners would eventually pay the full 12.4% payroll tax on all income, while receiving slightly larger benefits in return.
Hirono and Tokuda introduce bill to protect Social Security for seniors
Hawaiʻi lawmakers reintroduced the Protecting and Preserving Social Security Act on the program's 90th anniversary. The bill aims to strengthen solvency by phasing out the tax cap for high earners and switching to the CPI-E formula to better reflect the actual costs faced by seniors.
Source Information
Document Type
Congressional Bill
Official Title
Protecting and Preserving Social Security Act
Data Sources
Sponsor
Cosponsors
(10)Analysis generated by AI. Always verify with official sources.