Safeguarding American Families and Expanding Social Security Act of 2026

This bill would phase in Social Security payroll taxes on wages and self-employment income above the current yearly earnings cap. The share of earnings above the cap that is taxed would start at 80 percent in 2026, drop by 20 percentage points each year through 2029, and reach 0 percent in 2030 and after. The bill would change the benefit formula, raising the percentage applied to the lowest band of earnings from 90 to 95 percent and counting 5 percent of earnings above the cap toward benefits. It would recompute benefits for people who became eligible before 2026. It would also base yearly cost-of-living increases on a new Consumer Price Index for Elderly Consumers, which the Bureau of Labor Statistics would publish monthly.

Full text and official record on Congress.gov

Sponsors

• Lateefah Simon Democrat sponsor
• 4 cosponsors