Protecting and Preserving Social Security Act amends Social Security and Internal Revenue Code to adjust benefits and contributions.
The Protecting and Preserving Social Security Act amends the Social Security Act and the Internal Revenue Code to adjust cost-of-living increases and the inclusion of surplus earnings in Social Security benefit formulas. It introduces a Consumer Price Index for Elderly Consumers and modifies the calculation of basic and surplus average indexed monthly earnings. The bill also adjusts the applicable percentage for determining wages and self-employment income above the contribution and benefit base.
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