Protecting and Preserving Social Security Act This bill revises the methodology for calculating Old Age, Survivors, and Disability Insurance (OASDI) benefits and phases out the cap on compensation subject to Social Security taxation. The bill directs the Bureau of Labor Statistics to prepare and publish a Consumer Price Index for Elderly Consumers (CPI-E) to track cost-of-living changes for individuals age 62 or older. Beginning in two years after the enactment of this bill, the CPI-E, instead of the Consumer Price Index for Urban Wage Earners and Clerical Workers, shall be used to calculate the cost-of-living adjustment for OASDI benefits. The bill also includes surplus earnings in the calculation of the primary insurance amount (i.e., the amount received by a beneficiary who elects to receive OASDI benefits at full retirement age). The bill phases out and, after 2023, eliminates the cap on compensation ($128,400 in 2018) subject to Social Security taxation.