If signed into law, S. 731 would strengthen Social Security benefits by enacting an across-the-board benefit increase, adopting the Consumer Price Index for Elderly Consumers (CPI-E), and increasing the minimum Social Security benefit based on number of years in the workforce. It would also strengthen the solvency of the trust funds by applying the payroll tax to income over $250,000 and increasing the tax on investment income over $250,000 from 3.8 percent to 10 percent.
Sen. Bernie Sanders (VT) introduced S. 731 on March 12, 2015. It has since been referred to the Committee on Finance.
