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S. 731 (114th) was a bill in the United States Congress.
A bill must be passed by both the House and Senate in identical form and then be signed by the President to become law. This bill was introduced in the 114th Congress, which met from Jan 6, 2015 to Jan 3, 2017. Legislation not enacted by the end of a Congress is cleared from the books.
A bill to enhance Social Security benefits and ensure the long-term solvency of the Social Security program.
The bill’s titles are written by its sponsor.
The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 12, 2015.
Social Security Expansion Act
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to:
Increase the primary insurance amount for all eligible beneficiaries, beginning in 2021; revise computation of cost-of-living adjustments to use the Consumer Price Index for Elderly Consumers; increase the special minimum primary insurance amount for lifetime low earners based on years in the workforce. Amends the Internal Revenue Code to: (1) apply employment and self-employment taxes to remuneration up to the contribution and benefit base and to remuneration in excess of $250,000; and (2) increase the tax on investment gain from 3.8% to 10% of the lesser of net investment income for such taxable year or the excess (if any) of the modified adjusted gross income for such taxable year, over the threshold amount, with 62% of such tax allocated to the Federal Old-Age and Survivors Insurance Trust Fund and 9% allocated to the Federal Disability Insurance Trust Fund.
Legislative action may be occurring on one of these bills in lieu of or in parallel to action on this bill.
H.R. 5830 (Related)No Loopholes in Social Security Taxes Act
Referred to Committee
Last Action: Jul 14, 2016
H.R. 5367 (Related)Seniors’ Security Act of 2016
Referred to Committee
Last Action: May 26, 2016
Mar 12, 2015
114th Congress, 2015–2017
Status:Died in a previous Congress
This bill was introduced on March 12, 2015, in a previous session of Congress, but was not enacted.
Junior Senator from Vermont
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Last Updated: Mar 12, 2015
Length: 12 pages
Nice try Bernie... But no cigar...