Protecting and Preserving Social Security Act

The Protecting and Preserving Social Security Act creates a new Consumer Price Index for Elderly Consumers (CPI-E) to calculate Social Security cost-of-living adjustments, replacing the current index used for these calculations. It changes how high earners' income is counted for Social Security taxes and benefits, with a decreasing percentage (86% in 2025, decreasing annually to 0% after 2030) of income above the contribution base being counted. The bill also modifies how surplus earnings (income above the Social Security base) are included in benefit calculations, creating a new formula that includes 3% of surplus earnings up to a certain limit. These changes primarily affect Social Security beneficiaries and high-earning workers who reach retirement age after 2024, while ensuring any benefit increases won't impact eligibility for Supplemental Security Income or Medicaid.