Medicare and Social Security Fair Share Act

Summary

Medicare and Social Security Fair Share Act This bill increases funding for the Social Security and Medicare trust funds by extending the payroll tax on wages, self-employment income, and investment income to taxpayers with earnings exceeding $400,000. The bill also applies a payroll tax on the pass-through business income of taxpayers earning more than $400,000 (thus eliminating the classification of earned income as distributed business profits).

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Timeline

1. 18 April 2023

   Introduced

   Read twice and referred to the Committee on Finance.

   Source: IntroReferral

2. 18 April 2023

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 18 April 2023 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 18 April 2023

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 18 April 2023

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 18 April 2023

  Open at official source

Sponsors

• Sheldon Whitehouse · D · Sponsor
• Sen. Feinstein, Dianne [D-CA] · D · Cosponsor
• Kirsten Gillibrand · D · Cosponsor
• Chris Van Hollen · D · Cosponsor
• Amy Klobuchar · D · Cosponsor
• · ssfi00 · Standing

Related records

• related to → Assuring Medicare’s Promise Act of 2023
• related to ← Medicare and Social Security Fair Share Act