If signed into law, the Fair Raises for Seniors Act would adopt the Consumer Price Index for Elderly Consumers (CPI-E) for the purpose of determining Social Security cost-of-living adjustments (COLAs). It would also apply the Social Security payroll tax to all annual earnings in excess of $250,000.
Sen. Jeff Merkley (OR) introduced S. 2382 on May 22, 2014. It has since been referred to the Committee on Finance.
