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.
Sen. Mark Begich (AK) introduced S. 308 on February 13, 2013. It has since been referred to the Committee on Finance.
