Protecting and Preserving Social Security Act

This bill would change how Social Security cost-of-living adjustments are calculated by creating a new Consumer Price Index for Elderly Consumers (CPI-E) that tracks spending patterns specific to seniors aged 62 and older. It would also modify tax calculations for high earners by applying declining percentages of income above the Social Security tax cap (from 86% in 2026 down to 0% after 2031) for both wages and self-employment income. Additionally, the bill would adjust benefit calculations to include "surplus earnings" above the tax cap for individuals with high lifetime earnings. These changes would primarily affect Social Security beneficiaries and high-earning workers, particularly those becoming eligible for benefits after 2025.