New Bill Raises Social Security Benefits $2,400 per Year

What You Need To Know

• The Social Security Expansion Act adopts CPI-E for COLAs and subjects all income above $250,000, including capital gains, to the Social Security payroll tax.
• It increases the net investment income tax by 12.4% and applies the tax to certain income not already covered by payroll taxes.
• Sens. Elizabeth Warren and Bernie Sanders are sponsoring the bill.