Social Security Expansion Act

The Social Security Expansion Act would increase benefits for many Social Security recipients, extend eligibility for certain groups, and introduce new tax provisions. It raises the calculation method for benefits (increasing the first bend point from 90% to 95%), increases minimum benefits for low earners based on years worked (with higher minimums for those with more work history), and extends benefit eligibility for children who are full-time students until age 22. The bill also introduces a new tax on income between the Social Security wage base and $250,000, and increases the tax on investment income from 3.8% to 16.2%. These changes would primarily affect Social Security beneficiaries, high-income earners, and those with investment income, with the new tax revenues funding the Social Security Trust Fund.