If adopted, H.R. 860 would strengthen and reform the Social Security program by providing beneficiaries with a 2 percent benefit boost, basing cost-of-living adjustments on the CPI-E, creating a new minimum benefit set at 125 percent of the poverty line, and cutting taxes for beneficiaries. It would also apply the payroll tax to income over $400,000 and gradually increase the payroll tax rate to 7.4 percent.
Representative John Larson (CT-1) introduced H.R. 860 on January 30, 2019. It has since been referred to the Committee on Ways and Means.
For more information or to view a list of cosponsors, click here.