This legislation is designed to enhance the retirement security of American families by increasing Social Security benefits for both current and future beneficiaries while ensuring the long-term viability of the Social Security system. It introduces significant changes to how benefits are calculated and funded, aiming to provide more financial support to retirees. One of the main provisions modifies the calculation of taxable wages and self-employment income for Social Security contributions, particularly for amounts exceeding a specified threshold after 2025.