Safeguarding American Families and Expanding Social Security Act of 2024

S 5017, the Safeguarding American Families and Expanding Social Security Act of 2024, makes several key changes to Social Security benefits and taxation. It increases the percentage used to calculate benefits for low earners from 90% to 95%, adds a 5% benefit increase for long-term beneficiaries (those age 82 or with 240 benefit months), and creates "deemed wages" for caregivers of dependent relatives to count caregiving hours as earnings. The bill also eliminates the 5-month waiting period for disability benefits, changes cost-of-living adjustments to use an index focused on elderly spending, and increases the tax on investment gains from 3.8% to 6.8%. These changes primarily affect current and future Social Security beneficiaries, caregivers, and individuals with investment income.