SENATE BILL: PROTECT AND EXPAND SOCIAL SECURITY ACT (Passed)
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  SENATE BILL: PROTECT AND EXPAND SOCIAL SECURITY ACT (Passed)
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Author Topic: SENATE BILL: PROTECT AND EXPAND SOCIAL SECURITY ACT (Passed)  (Read 2286 times)
Southern Senator North Carolina Yankee
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« Reply #25 on: June 30, 2020, 09:41:56 AM »

AYE
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Southern Senator North Carolina Yankee
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« Reply #26 on: June 30, 2020, 09:42:43 AM »

Vote on the Amendment:

Aye (5): Jimmy, LT, NC Yankee, Scott and YE
Nay (0):
Abstain (0):

Didn't Vote (1): Tack50

This amendment has been adopted.
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« Reply #27 on: July 02, 2020, 06:05:14 PM »

Is there an apetite for speeding up the phase out of the cap?
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Southern Senator North Carolina Yankee
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« Reply #28 on: July 04, 2020, 02:14:34 AM »

Is there an apetite for speeding up the phase out of the cap?

How big is the differential in terms of solvency concerns?
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« Reply #29 on: July 06, 2020, 06:16:15 PM »

Here is an amendment:

Quote
PROTECT AND EXPAND SOCIAL SECURITY ACT

To protect and expand Social Security.

Be it enacted by the Congress of the Republic of Atlasia assembled
Quote
SECTION I: TITLE.
This law shall be referred to as the Protect and Expand Social Security Act.

SECTION II: FINDINGS.

(a) Social Security is a very popular and successful program that has provided an important safety net for millions of Atlasians and a more secure retirement for Elderly Atlasians.

(b) Since the creation of Social Security, poverty among seniors has been drastically cut.

(c) The Social Security Administration estimates that by 2037, the Social Security Trust Funds will be depleted. After this point, the Social Security Administration will be unable to provide benefits in full for the first time since the program's creation.

(d) Congress resolves that Social Security must be protected and expanded and that it must therefore act to provide new sources of revenue and ensure that recipients continue to recieve adequate benefits in full.

SECTION III: STRENGTHENING OF BENEFITS.

(a) 42 U.S. Code § 415 (a)(1)(A)(i) shall be amended as follows:

Quote
(i) 90 93 percent of the individual's average indexed monthly earnings (determined under subsection (b)) to the extent that such earnings do not exceed the amount established for purposes of this clause by subparagraph (B),

(b) The Social Security Administration shall hereby utilise the Consumer Price Index for the Elderly (CPI-E) as published by the Bureau of Labor Statistics when calculating cost-of-living adjustments to benefits.

(c) 42 U.S. Code § 415 (a)(1) shall be amended follows:
 (i) By redesignating subparagraph (D) as subparagraph (E).
 (ii) By inserting after subparagraph (C) the following new subparagraph:

Quote
(D)
 (i) Effective with respect to the benefits of individuals who become eligible for old-age insurance benefits or disability insurance benefits (or die before becoming so eligible) after 2019, no primary insurance amount computed under subparagraph (A) may be less than the greater of:
  (I) The minimum monthly amount computed under subparaghraph (C); or
  (II) In the case of an individual who has more than 10 years of work (as defined in clause (iv)(I)), the alternative minimum amount determined under clause (ii).
 (ii)
  (I) The alternative minimum amount determined under this clause is the applicable percentage of one twelth of the annual dollar amount determined under clause (iii) for the year in which the amount is determined.
  (II) For purposes of subclause (I), the applicable percentage is the percentage specified in connection with the number of years of work, as set fourth in the following table:
 
Quote
Quote
Key:-
Number of years of work: Applicable percentage

11: 6.25%
12: 12.50%
13: 18.75%
14: 25.00%
15: 31.25%
16: 37.50%
17: 43.75%
18: 50.00%
19: 56.25%
20: 62.80%
21: 68.75%
22: 75.00%
23: 81.25%
24: 87.50%
25: 93.75%
26: 100.00%
27: 106.25%
28: 112.50%
29: 118.75%
30+: 125.00%

 (iii) The annual dollar amount determined under this clause is:
  (I) For calendar year 2021, the poverty guideline for 2020.
  (II) For any calendar year after 2021, the annual dollar amount for 2021 multiplied by the ratio of:
   (aa) The national average wage index (as defined in section 409(k)(1) of this title) for the second callendar year preceding the calendar year for which the determine is made, to.
   (bb) The national average wage index for 2019.
 (iv) For the purposes of this subparagraph:
  (I) The term "year of work" means, with respect to an individual, a year to to which 4 quarters of coverage have been credited based on such individual's wages and self-employment income.
  (II) The term "poverty guideline for 2020" means the annual poverty guideline for 2020 (as updated annually in the Federal Register by the Department of Health and Human Services under the authority of section 673(2) of the Omnibus Budget Reconciliation Act of 1981) as applicable to a single individual.

(d) 42 U.S. Code § 409 (k)(1) shall be amended by inserting "415(a)(1)(E)" after "415(a)(1)(E)".

(e) All individuals who do not meet the eligibility requirements specified under 42 U.S. Code § 402 (d) shall now be eligible for Child's Insurance Benefits if they:
 (i) Have not attained the age of 22.
 (ii) Are in full-time education at a college or vocational school.
 
(f) For the purposes of the calculation of average indexed monthly earnings, future beneficiaries shall be eligible to recieve credit equal to one twelth of the annual median wage of the relevant year for each month of that year in which they have not been in full-time employment and in which they have provided at least 80 hours of unpaid caregiving to:
 (i) A child under the age of 6.
 (ii) A dependent with a disability.
 (iii) An elderly relative.
 
(g) Current recipients shall be eligible to recieve credit established by subsection (f) retroactively by five years.

(h) 42 U.S. Code § 402 (e)(B) is hereby struck out and provisions are re-numbered accordingly.

(i) 42 U.S. Code § 402 (f)(B) is hereby struck out and provisions are re-numbered accordingly.

(j) For purposes of determining the income of an individual to establish eligibility for, and the amount of, benefits payable under title XVI of the Social Security Act, eligibility for medical assistance under the Reforming and Regionalizing Public Healthcare Act of 2017 and other medical assistance under title XIX (or a waiver of such plan), or eligibility for child health assistance under the State child health plan under title XXI (or a waiver of the plan), the amount of any benefit to which the individual is entitled under title II of such Act shall be deemed not to exceed the amount of the benefit that would be determined for such individual under such title as in effect on the day before the date of the enactment of this Act.

SECTION IV: ADMINISTRATION OF SOCIAL SECURITY.

(a) The annual budget of the Social Security Administration shall be increased by 5% for FY 2021.
 (i) The annual budget of the Social Security Administration shall be increased by a further 1% for every FY starting from FY 2022 for 5 consecutive years.

(b) The Social Security Administration shall hereby be instructed to merge the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund to form the Social Security Trust Fund.

SECTION V: SOCIAL SECURITY PAYROLL TAX REFORM.

(a) From the 1st of January 2024, the standard rate of The Old Age, Survivors and Disability Insurance (OASDI) payroll tax shall be increased to 12.5%.
 (i) On the 1st of January of every subsequent year, the standard rate of Old Age, Survivors and Disability Insurance (OASDI) payroll tax shall be increased by an additional 0.1%.
 (ii) This process shall continue until the standard rate of Old Age, Survivors and Disability Insurance (OASDI) payroll tax has reached 13.4%

(b) The Maximum Taxable Earnings cap for the Old Age, Survivors and Disability Insurance (OASDI) payroll tax shall be phased out.
(c) From the 1st of January 2024, the rate of Old Age, Survivors and Disability Insurance (OASDI) payroll tax shall be increased to 0.6% 0.8% on earnings above the Maximum Taxable Earnings cap.
 (i) On the 1st of January of every subsequent year, the rate of Old Age, Survivors and Disability Insurance (OASDI) payroll tax shall be increased by an additional 0.7% 1.4% on earnings above the Maximum Earnings cap.
 (ii) This process shall continue until the rate of Old Age, Survivors and Disability Insurance (OASDI) payroll tax paid on earnings above the Maximum Taxable Earnings cap is equal to the rate paid on earnings below the cap - the Maximum Taxable Earnings cap thereby being eliminated.
(d) A Minimum Taxable Earning cap of $15,000 $10,000 shall be added for the Old Age, Survivors and Disability Insurance (OASDI) payroll tax.
 (i) All earnings below this cap shall not be taxed under the Old Age, Survivors and Disability Insurance (OASDI) payroll tax.
 (ii) The Minimum Taxable Earning cap shall be adjusted for inflation on an annual basis.
 (iii) Earnings below the Minimum Taxable Earnings cap shall be included in calculations of an individual's average indexed monthly earnings.
 
 SECTION VI: IMPLEMENTATION.

(a) Unless otherwise stated, the provisions of this act shall take effect on the 1st of January 2021.

After some thought, I've come to the conclusion that it probably is best to shorten the phase out because it would help bring some more money into the trust fund and extend solvency, this amendment shortens it to 10 years. The amendment also lowers the minimum cap to $10,000 (it appears that the minimum cap was more expensive than I originally anticipated), and increases the payroll tax by 1%, which pays for the minimum cap and puts more money in the trust fund.
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« Reply #30 on: July 07, 2020, 01:31:28 PM »

Please could a senator sponsor this amendment. Is there anything else to add?
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Southern Senator North Carolina Yankee
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« Reply #31 on: July 07, 2020, 02:52:28 PM »

Please could a senator sponsor this amendment. Is there anything else to add?

I will sponsor it, but I would like my question answered about the solvency cost differential above. "More money" is kind of vague. Tongue
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Southern Senator North Carolina Yankee
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« Reply #32 on: July 07, 2020, 02:52:47 PM »

I need feedback from YE on the text.
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YE
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« Reply #33 on: July 07, 2020, 02:55:12 PM »

Friendly.
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« Reply #34 on: July 07, 2020, 06:02:00 PM »

Please could a senator sponsor this amendment. Is there anything else to add?

I will sponsor it, but I would like my question answered about the solvency cost differential above. "More money" is kind of vague. Tongue

Do you want to know about what difference a quicker phase in would make or do you want to see my calculations for the bill as a whole?

Eliminating the cap would be expected to bring in on average around $408 billion a year. I haven't got any professional estimates for how much different lengths of phase out would be expected to affect that which is why I didn't specifically respond to your question, the number I gave above is based on a 10 year phase out from the CBO. I did some calculations that suggest that a 10 year phase in vs an 18 year phase out based on the assumption that being half of the way through the phase out in a specific year means you also get 50% of the expected revenue which is obviously flawed - would save $1.5 trillion in total or just over a year added to the solvency of social security.
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Southern Senator North Carolina Yankee
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« Reply #35 on: July 07, 2020, 11:43:16 PM »

Senators have 24 hours to object to the amendment.
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Southern Senator North Carolina Yankee
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« Reply #36 on: July 08, 2020, 11:52:12 PM »

The amendment is adopted.
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« Reply #37 on: July 09, 2020, 11:53:26 AM »

Are there any more questions or issues?
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« Reply #38 on: July 11, 2020, 07:54:10 PM »

Does the Senate feel this is ready for a vote?
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« Reply #39 on: July 11, 2020, 11:26:55 PM »

I motion for a final vote.
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Southern Senator North Carolina Yankee
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« Reply #40 on: July 13, 2020, 11:15:29 AM »


Senators have 24 hours to object.
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Southern Senator North Carolina Yankee
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« Reply #41 on: July 14, 2020, 12:56:37 PM »

A Final Vote is now open on this legislation, Senators please vote Aye, Nay or Abstain.
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Devout Centrist
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« Reply #42 on: July 14, 2020, 01:28:48 PM »

Aye
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Former President tack50
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« Reply #43 on: July 14, 2020, 02:58:18 PM »

Aye

Very good bill overall which should make our social security protected well into the future
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« Reply #44 on: July 14, 2020, 06:11:19 PM »

Aye
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At-Large Senator LouisvilleThunder
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« Reply #45 on: July 16, 2020, 10:37:16 PM »

Nay
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Southern Senator North Carolina Yankee
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« Reply #46 on: July 17, 2020, 01:53:57 AM »

Abstain


I love the solvency provisions contained herein, but I do not have a good feel for the cost of the expanded benefits and thus don't feel comfortable casting an aye vote in light of my principles regarding public (and private for that matter) debt.

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Southern Senator North Carolina Yankee
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« Reply #47 on: July 17, 2020, 01:54:32 AM »

This vote ends in less than 24 hours.
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Esteemed Jimmy
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« Reply #48 on: July 17, 2020, 07:22:03 PM »

Abstain
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Southern Senator North Carolina Yankee
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« Reply #49 on: July 18, 2020, 10:50:42 PM »

Vote on Final Passage of the Protect and Expand Social Security Act:

Aye (3): Devout Centrist, Tack and YE
Nay (1): LT
Abstain (2): Jimmy and NC Yankee

Didn't Vote (0):

This bill has passed the Senate and is sent to the VP as amended.
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