Social Security beneficiaries would get higher monthly checks under this bill. It would also raise some taxes on very high earners, self-employed people with high incomes, and people with large investment income.
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Social Security Expansion Act is a Senate bill in committee. The latest recorded action: Read twice and referred to the Committee on Finance.
Latest action on S. 770: Read twice and referred to the Committee on Finance.
Who this affects: This bill mainly affects people who receive Social Security now, people who will receive it later, and people who pay taxes on high incomes. Retirees, disabled workers, survivors, and long-time low-wage workers could see higher checks. Some students could keep benefits longer after losing a parent or after a parent becomes disabled. High earners, some self-employed people, and people with large investment income could pay more in taxes.
Why this matters: Social Security checks affect basic monthly income for many retirees, disabled workers, and surviving family members. This bill would raise those checks and could especially help people with long work histories but low pay. It would also shift more program costs to people with very high earnings or large investment income. The long-term effect on Social Security’s finances would depend on future actuarial estimates, which are detailed financial forecasts.
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