Medicare and Social Security Fair Share Act

# Medicare and Social Security Fair Share Act Summary **What It Would Do:** This bill, introduced by Senator Sheldon Whitehouse (D-RI), proposes to modify how Medicare and Social Security are funded by adjusting the payroll tax system. Currently, these programs are funded through payroll taxes on wages up to a certain income cap. The bill would likely increase or remove income caps on these taxes for higher earners, meaning wealthy individuals would pay Social Security and Medicare taxes on a larger portion of their income than they do now. **Who It Affects:** The primary impact would fall on higher-income Americans, who would face increased payroll taxes. Indirectly, it could affect the long-term solvency and benefit structure of both Social Security and Medicare programs.

The bill aims to address funding challenges these programs face, particularly Social Security's projected trust fund depletion. **Current Status:** The bill is currently in committee, meaning it has been introduced but has not yet been voted on by the full Senate. No further action has been taken as of the latest information available. The specific provisions have not been detailed publicly in readily available sources.