US SB2614

Requires the Bureau of Labor Statistics to create a new Consumer Price Index for Elderly Consumers (CPI-E) tracking spending patterns of Americans age 62 and older, which would replace the current CPI for calculating Social Security cost-of-living adjustments

Phases out the Social Security payroll tax cap over six years (2026-2031), with the exemption for earnings above the contribution and benefit base declining from 86% in 2026 to 0% after 2031, effectively subjecting all wages and self-employment income to Social Security taxes

Creates a new "surplus average indexed monthly earnings" calculation that provides additional benefits based on earnings above the current contribution and benefit base, with a 3% benefit rate on surplus earnings up to a threshold ($8,933 in 2026) and 0.25% on amounts above that threshold

Protects beneficiaries from losing eligibility for Supplemental Security Income (SSI) or Medicaid by excluding any benefit increases resulting from this legislation from income and resource calculations for those programs

Applies to individuals who become eligible for old-age or disability benefits, or who die before becoming eligible, in calendar years after 2025