H.R.5392: Social Security Enhancement and Protection Act of 2019
The Social Security Enhancement and Protection Act (H.R. 5392) would reform Social Security to expand both benefits and taxable income. The bill would change the calculation of the Primary Insurance Amount (PIA), resulting in a benefits increase for most Social Security recipients. The bill would also extend benefit eligibility for children of retired, disabled, or deceased workers until they attain age 26, this provision was stripped out of Social Security in 1986. On the revenue side, the bill would eliminate the maximum taxable payroll cap (currently set at $132,900) and gradually raise the OASDI rate from 12.4% to 13.0% over the next six years.
This bill would extend the solvency of the Social Security Trust Fund by 34 years, and cut in half the long-term shortfall of income that Social Security would face.View Full Overview
- As an essential benefit for almost every American at some point in their life cycle, Social Security is one of the most beloved public programs in the United States.
- This bill would double the solvency of the Social Security Trust fund allowing the program to continue its valuable work of giving millions of older Americans the resources to fulfill their human potential in the later years of life.