Sec. 2. Increase in contribution and benefit base
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Section 230 of the Social Security Act ( 42 U.S.C. 430 ) is amended— in subsection (a), by striking subsection
(b)or
(c)and inserting this section ; in subsection (b), by inserting with respect to remuneration paid (and taxable years beginning) in each calendar year before 2017 before shall (subject to subsection (c)) ; by redesignating subsection
(d)as subsection (f); and by inserting after subsection
(c)the following: The amount of such contribution and benefit base with respect to remuneration paid (and taxable years beginning) in each calendar year after 2016 shall (subject to subsection (e)) be determined by the Commissioner (using projections made in advance of such year by the Chief Actuary of the Social Security Administration based on the most recent annual report of the Board of Trustees) such that the percentage of the total earnings for all workers that are taxable under sections 1401 or 3101 of the Internal Revenue Code of 1986 is equal to 90 percent for each such calendar year. In making the determination under paragraph (1), the Commissioner may enter into agreements with the Secretary of Labor and the Commissioner of Internal Revenue to share any information necessary to carry out such paragraph. For purposes of this section, and for purposes of determining wages and self-employment income under sections 209, 211, 213, and 215 of this Act and sections 1402, 3121, 3122, 3125, 6413, and 6654 of the Internal Revenue Code of 1986, the contribution and benefit base with respect to remuneration paid (and taxable years beginning)— in 2017 shall be $156,550; in 2018 shall be $194,600; in 2019 shall be $232,650; in 2020 shall be $270,700; and in 2021 shall be $308,750. For purposes of determining under subsection
(b)the contribution and benefit base with respect to remuneration paid (and taxable years beginning) in 2022 and subsequent years, the dollar amounts specified in the preceding sentence shall be considered to have resulted from the application of such subsection
(b)and to be the amount determined (with respect to the years involved) under that subsection. . The amendments made by subsection
(a)shall apply to determinations made with respect to the contribution and benefit base for calendar years after 2016.
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Sec. 2
Increase in contribution and benefit base
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