HR 3261 United States House · 118th Congress

Strengthening Social Security Act of 2023

The Strengthening Social Security Act of 2023 makes several key changes to Social Security taxation and benefit calculations. It gradually reduces the percentage of high earners' income subject to Social Security taxes, starting with 80% in 2025 and decreasing to 0% by 2029. The bill also increases the first bend point factor for calculating benefits from 90% to 95%, with a phased implementation starting in 2029, and creates a new Consumer Price Index for Elderly Consumers to determine cost-of-living adjustments. These changes will directly affect Social Security beneficiaries, high earners, and widows and widowers in two-income households.

Issues: ✗ Budget & Taxes

Tags: Seniors

Bill status in committee 1 of 4 stages cleared

Introduction

May 2023

Committee Review

Floor Vote

President

Introduced May 11, 2023 Last action Dec 17, 2024

Floor votes

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Full legislative history

Actions timeline

Total actions

Key actions

Committee

Dec 17, 2024

Committee

Referred to the Subcommittee on Work and Welfare.

lower

Dec 17, 2024

Committee

Referred to the Subcommittee on Social Security.

lower

May 11, 2023

Committee

Referred to the Committee on Ways and Means, and in addition to the Committee on Education and the 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.

lower

May 11, 2023

Introduced

Introduced in House

lower

1 primary · 9 co-sponsors