Sponsors (13)
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Adds a new clause (iv) to the primary insurance amount rules to include 2 percent of an individual's excess average indexed monthly earnings; also adjusts clause punctuation to accommodate the new clause.
Modifies the reduction formula language to account for excess average indexed monthly earnings by adding a 1 percent factor on excess AIME in the referenced calculation.
Makes conforming insertions in section 212 (42 U.S.C. 412) by inserting specified language after each place a particular term appears (text of insertion not provided in this section).
Adds a new subsection (g) to 26 U.S.C. §86 providing that section 86 shall not apply to any taxable year beginning after the date of enactment of the new subsection.
Ends the rule that makes part of Social Security benefits taxable, changes how wages and self‑employment earnings above the Social Security contribution base count for payroll taxes after 2025, and adds a new extra benefit credit for very high earnings above $250,000 for people who first become eligible after 2025. The bill instructs Treasury to make up any reductions in transfers to certain Social Security trust funds caused by ending the taxation rule and creates new payroll‑tax and benefit computation rules that take effect in tax/calendar years and for beneficiaries beginning after 2025.
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Introduced April 14, 2025 by Angela Craig · Last progress April 14, 2025
