If adopted, S. 269 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.
Senator Richard Blumenthal (CT) introduced S. 269 on January 30, 2019. It has since been referred to the Committee on Finance.
For more information or to view a list of cosponsors, click here.