HI HR161

Urges Congress to raise or eliminate the current 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 methodology.

Notes that Social Security will face a significant funding shortfall in 2034, after which trust funds are expected to run out and benefits would be reduced to approximately 77 percent of scheduled amounts without legislative action.

Asserts that raising the payroll tax cap would only affect highest-earning workers and is a non-extraordinary step, as policymakers have raised the cap multiple times historically.

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