Sen. Brian Schatz is promoting legislation he’s co-sponsoring with fellow Democratic Sens. Tom Harkin of Iowa and Mark Begich of Alaska.

Schatz told reporters today the bill would keep Social Security solvent through 2049 and increase benefits by about $65 a month.

He says it would also change the way cost of living adjustments are calculated to more accurately reflect the costs seniors face.

Schatz says the bill would tax all wages, instead of just capping the income taxed for Social Security at nearly $114,000.

Harkin introduced the bill in March. Schatz signed on as a co-sponsor on July 15, Begich on July 22.

Schatz says the legislation would help people like his father-in-law, who depends on Social Security for his basic needs.