Social Security and Medicare Funding: Tax Increases for High Earners
A senate committee must act next: committee consideration.
While this bill addresses the looming funding shortages for Social Security, it relies entirely on tax increases for the wealthy, which faces strong opposition from the Republican party.
Scores run from -100 (strongly harmful) to +100 (strongly beneficial) for each group, combining impact, certainty, scope, and duration ratings of 1-5. How impact scoring works
Self-employed people and business owners who report net earnings from self-employment above $400,000 would face both the reopened Social Security tax on income above the cap and the new 1.2 percent Medicare surtax, plus a much higher tax on their investment income if it also exceeds the threshold. This mainly affects high-earning sole proprietors and partners rather than typical small business owners, most of whom earn far less than $400,000 a year.
Read twice and referred to the Committee on Finance.
Sent to a congressional committee for expert review. The committee decides whether this bill moves forward.
Introduced in Senate
The bill was officially filed and given a number. It now enters the legislative queue.
No votes recorded for this bill yet.
Document Type
Congressional Bill
Official Title
Medicare and Social Security Fair Share Act
Analysis generated by AI. Always verify with official sources.
