United States Congress
Safeguarding American Families and Expanding Social Security Act of 2024
September 11, 2024
Summary
This bill proposes significant changes to Social Security by increasing benefits and expanding the tax base to wages above the current cap, phasing in taxation of all wages by 2029. While not a mortgage regulation, it could indirectly affect borrowers' income stability and tax withholding, potentially impacting ability-to-repay calculations for lenders. The bill is pending Congressional approval and is not yet law.
Source: https://www.congress.gov/bill/118th-congress/s-bill/5017
Common questions
- What does "Safeguarding American Families and Expanding Social Security Act of 2024" cover?
- This bill proposes significant changes to Social Security by increasing benefits and expanding the tax base to wages above the current cap, phasing in…
- Which agency issued this update?
- This update was issued by United States Congress.
- When was it published?
- It was published on September 11, 2024.