Keep Billionaires Out of Social Security Act

# Keep Billionaires Out of Social Security Act Summary **What the bill would do:** This bill would change how Social Security payroll taxes are calculated for very high earners. Currently, Social Security taxes only apply to income up to a certain cap (adjusted annually—roughly $168,600 in 2024). Income above that cap is not subject to Social Security taxes. This bill would eliminate that cap for people with net worth exceeding $50 million, meaning billionaires and multimillionaires would pay Social Security taxes on all their income, not just earnings below the current threshold. **Who it affects and key provisions:** The bill primarily targets ultra-wealthy individuals—those with a net worth of $50 million or more.

By removing the income cap for this group, they would contribute more to the Social Security trust fund. Supporters argue this would strengthen Social Security's finances and make the tax system more progressive. The bill is sponsored by Senator Bernie Sanders (I-VT). **Current status:** The bill is currently in committee, meaning it has been introduced but has not yet advanced to a full floor vote in the Senate. It remains in the early stages of the legislative process.