Social Security benefits would increase for many, and high earners would pay more taxes to strengthen the program.
This bill would boost Social Security payments for current and future retirees, especially low-income workers, and extend benefits for some students. To pay for these changes, it would reapply Social Security payroll taxes on high earnings and significantly increase taxes on certain investment income. The goal is to make Social Security stronger for the long term.
Currently, Social Security benefits are calculated based on a formula, and annual cost-of-living increases use a general consumer price index. There is also a cap on earnings subject to Social Security payroll taxes, and a separate, lower tax on investment income. This bill would change the benefit calculation formula, change the cost-of-living calculation to better reflect costs for seniors, reapply Social Security taxes on earnings above $250,000 (creating a gap where earnings between the current tax cap and $250,000 would not be taxed), and significantly raise the tax on certain investment income.
HR 1700 · 119th Congress · February 27, 2025 · AI Summary by gemini-2.5-flash · 5/10
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18 filings mentioned this bill
Amounts reflect total quarterly lobbying spend reported to the Senate, not bill-specific spending. Source: Senate LDA filings.