Social Security Expansion Act

This bill would raise Social Security benefits and aim to keep the program strong. It gives everyone a benefit boost starting in 2026, changes the yearly cost‑of‑living raise to use a price index focused on older adults’ costs (CPI‑E), sets a new minimum benefit for people who worked many years at low wages, and extends child benefits up to age 22 for full‑time students.

To help pay for this and strengthen the program, high‑income people would contribute more. Social Security payroll taxes would apply to wages above $250,000, with similar rules for self‑employment income; some taxes on investment income would also help fund Social Security. The bill also merges the two current trust funds into a single Social Security Trust Fund, and all benefits would be paid from that one fund.

• Who is affected:

  • Current and future retirees and disabled workers (benefit increase and updated COLA).
  • Long‑time low‑wage workers (new minimum benefit tied to years worked).
  • Families with full‑time students up to age 22 (extended child benefits).
  • High‑income workers and the self‑employed (payroll tax applies above $250,000).
  • People with significant investment income (a share of this tax revenue goes to Social Security).

• When:

  • Benefit increases begin January 1, 2026.
  • Extended child benefits apply to months starting January 1, 2026.
  • The COLA change to CPI‑E starts about two years after the law is enacted.
  • The single Social Security Trust Fund takes effect January 1 of the first calendar year after enactment.