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Social Security Enhancement and Protection Act of 2023

Source: Congress.gov  ·  6,196 words in original text
This bill makes changes to Social Security to increase benefits for certain people. It raises the minimum monthly benefit for workers who earned low wages over their lifetime, creates a bonus for people who have received benefits for at least 16 years, lets college students get benefits until age 26 instead of 19, and increases taxes on wages and self-employment income. ##
People receiving Social Security benefits, especially those who earned low wages during their careers; college students who are dependents of Social Security beneficiaries; employees and employers who pay Social Security taxes; self-employed people who pay Social Security taxes. ##
- The minimum Social Security benefit for lifetime low earners increases based on how many years they worked, ranging from 36.7 percent to 100 percent of the poverty guideline amount (Sec. 2) - Beneficiaries who have received monthly benefits for at least 16 years after becoming eligible receive an additional increase to their benefits, growing from 20 percent to 100 percent depending on how many years have passed (Sec. 3) - Unmarried children attending college full-time can receive benefits until age 26 instead of age 19, and the bill defines what qualifies as a post-secondary educational institution (Sec. 4) - Earnings above a certain wage cap amount are taxed at increasing percentages starting at 90 percent in 2024 and reaching 100 percent in 2034 and beyond (Sec. 5) - A new 3 percent benefit rate applies to average earnings that exceed the contribution and benefit base (a yearly earnings limit), effective for people who become eligible in 2024 and later (Sec. 6) - Social Security tax rates on employees, employers, and self-employed people increase gradually from 2024 to 2029 (Sec. 7) - Increases to Social Security benefits from this bill are not counted as income or resources when determining eligibility for other federal, state, or local assistance programs (Sec. 8) ##
Currently, the minimum Social Security benefit does not increase based on years worked. This bill ties minimum benefits to poverty guidelines and years of work history. Currently, there is no bonus for beneficiaries who have received benefits for many years. This bill creates a "long-term eligibility" bonus increasing gradually over 20 years. Currently, child benefits end at age 19. This bill extends them to age 26 for full-time college students. Currently, Social Security taxes stop applying after a certain wage amount each year. This bill makes wages above that cap subject to Social Security tax on a phased-in schedule. Social Security tax rates on employees, employers, and self-employed people increase between 2024 and 2029. ##
- "Full-time post-secondary school student" means a person attending full-time at a college, university, or school offering post-secondary education that is run by the government or accredited by a state or nationally recognized accreditor, or whose credits transfer to at least three accredited institutions (Sec. 4) - "Number of years of work" means one-quarter of the total quarters of work coverage a person earned, plus up to 5 years of caring for a child under age 6 (Sec. 2) - "Qualified beneficiary" means someone in any calendar year after 2023 if that year begins at least 16 years after the person became eligible for Social Security benefits (Sec. 3) - "Applicable percentage" means the percentage of earnings subject to Social Security tax, decreasing from 90 percent in 2024 to 0 percent in 2034 and beyond for wages and self-employment income above the wage cap (Sec. 5) ##
The increased minimum benefit applies to individuals who become eligible for benefits or die before becoming eligible after 2023 (Sec. 2). The long-term eligibility bonus applies to calendar years after 2023 (Sec. 3). College student benefits extend to applications filed in any calendar year after 2023 (Sec. 4). The new earnings tax rules apply to remuneration paid and self-employment income earned in calendar years after 2023 (Sec. 5 and 5(b)). The new benefit calculation applies to individuals who become eligible after 2023 (Sec. 6). The employment tax increases apply to remuneration received and taxable years beginning after December 31, 2023 (Sec. 7). The rule protecting benefit increases from counting against other assistance programs applies to months after December 2023 (Sec. 8).
Important: This plain English summary was generated by AI and is provided for informational purposes only. It is not legal advice. Always consult the official bill text on Congress.gov or a qualified attorney for legal matters.