Medicare and Social Security Fair Share Act

# Medicare and Social Security Fair Share Act Summary **What the Bill Would Do** The Medicare and Social Security Fair Share Act (HR 3271) would modify how income above a certain threshold is taxed to fund Medicare and Social Security. While specific provisions aren't detailed in the information provided, bills with this title typically propose increasing payroll taxes on high earners or removing income caps on Social Security taxes. This would affect how much higher-income individuals contribute to these two major social insurance programs. **Who It Affects** The bill would primarily impact higher-income earners and potentially the long-term funding of Medicare and Social Security. Currently, Social Security taxes only apply to earnings up to a certain annual cap (adjusted yearly), meaning very high earners pay a smaller percentage of their total income into the system.

Changes proposed in this bill could affect wealthy individuals, business owners, and potentially the benefits available to future retirees and Medicare beneficiaries. **Current Status** As of now, HR 3271 is in committee and has not advanced to a full House vote. The bill was introduced in the 119th Congress by Representative Brendan Boyle (D-PA). For more specific details about the exact provisions and mechanisms proposed, the full bill text would need to be reviewed on Congress.gov.