Social Security Expansion Act

The Social Security Expansion Act increases benefits for many recipients by raising the first bend point percentage from 90% to 95% and adding a 22% increase for those eligible after 2023. It establishes a new minimum benefit for low earners based on years worked, with benefits reaching up to 125% of the poverty guideline for individuals with 30+ years of work. The bill extends eligibility for children of beneficiaries until age 22 if they're full-time students and changes the cost-of-living adjustment index to the Consumer Price Index for Elderly Consumers. Additionally, it introduces new taxes on high earners, including a payroll tax on wages between the Social Security contribution base and $250,000, and increases the tax rate on investment gains from 3.8% to 16.2%, while consolidating the two existing Social Security trust funds into a single Social Security Trust Fund.