If signed into law, the Protecting and Preserving Social Security Act would amend title II of the Social Security Act to calculate cost-of-living adjustments based on the Consumer Price Index for Elderly Consumers (CPI-E). It would also amend the Internal Revenue Code to gradually eliminate the cap on income subject to the payroll tax.
Rep. Ted Deutch (FL-21) introduced H.R. 649 on February 13, 2013. It has since been referred to the Committee on Ways and Means and to the Committee on Education and the Workforce.