On Feb. 27, House and Senate Democrats introduced the Social Security Expansion Act, a bill that would increase Social Security (SS) benefits by $2,400/year, fully fund the program for 75 years, and apply the SS payroll tax to all income above $250,000/year.

The bill was introduced in the House by Reps. Jan Schakowsky (D-IL) and Val Hoyle (D-OR) with 17 Democratic cosponsors. In the Senate, the bill was introduced by Sens. Bernie Sanders (I-VT) and Elizabeth Warren (D-MA) with nine Democratic cosponsors.

Prospects: There is little chance that this bill will get much formal debate, much less action, while Republicans control the White House, the Senate and the House. However, it is part of the Democrats’ offensive against Elon Musk’s suggestions on a FOx interview that DOGE cut SS, Medicare and Medicaid. And should Democrats retake control of the House or Senate in 2026, it is likely to be part of their agenda.

NAIFA Staff Contact: Jayne Fitzgerald – Director – Government Relations, at jfitzgerald@naifa.org.