Social Security – Protecting and Preserving Social Security Act Introduced in House and Senate

Last week, Rep. Ted Deutch (D-FL) with 5 cosponsors and Senator Mazie Hirono (D-HI) with one cosponsor have introduced the Protecting and Preserving Social Security Act (H.R. 3302S. 1600). The bill would strengthen Social Security’s finances by removing the current cap on annual payroll contributions, set at $127,200 in 2017. It would also provide for more accurate and adequate annual cost of living adjustments for all Social Security Old-Age, Survivors’, and Disability Insurance benefits as well as Supplemental Security Income benefits. In the House, the bill has been referred to the Committees on Ways and Means, Education and the Workforce, and Energy and Commerce; in the Senate, the bill has been referred to the Committee on Finance.

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