S 1174
118th Congress
Senate
Taxation
Medicare and Social Security Fair Share Act
Introduced: April 18, 2023
Introduced by:
Whitehouse, Sheldon
Democratic
· Rhode Island
See on congress.gov
Everywhere this bill has been
2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 18, 2023
Read twice and referred to the Committee on Finance.
Apr 18, 2023
Introduced in Senate
Plain-English 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).
What's happening now
Read twice and referred to the Committee on Finance.
Committees of jurisdiction
1