HI HCR190

Urges Congress to raise or eliminate the payroll tax cap on wages subject to Federal Insurance Contributions Act (FICA) taxation, which was $127,200 in 2017, to address Social Security's long-term funding shortfall projected for 2034.

Opposes the adoption of the chained Consumer Price Index (chained CPI) for calculating Social Security cost-of-living adjustments, arguing it would result in slower benefit growth compared to the traditional CPI.

Notes that Social Security will face a significant funding shortfall in 2034 after which benefits would be reduced to approximately 77 percent of scheduled amounts without legislative action.

Argues that raising the payroll tax cap would only affect highest-earning workers and represents a non-extraordinary step since policymakers have raised the cap multiple times historically.

Directs transmission of certified copies to the Majority Leader of the U.S. Senate, Speaker of the U.S. House of Representatives, and Hawaii's Congressional Delegation.