If signed into law, S. 1904 would strengthen Social Security benefits by enacting an across-the-board benefit increase, adopting the Consumer Price Index for Elderly Consumers (CPI-E), increasing the minimum Social Security benefit to 125 percent of the poverty line, and increasing the threshold on the taxation of Social Security benefits. It would also strengthen the solvency of the trust funds by applying the payroll tax to income over $400,000, increasing the payroll tax rate by 0.05 percent annually until it reaches 7.65 percent, and reallocating funds to the Disability Insurance trust fund.
Sen. Richard Blumenthal (CT) introduced S. 1904 on July 30, 2015. It has since been referred to the Committee on Finance.
