HR 3271

The Medicare and Social Security Fair Share Act proposes increasing funding for Social Security and Medicare by modifying payroll tax rules and adjusting tax rates on high-income earners. Specifically, it increases the wage base subject to Social Security taxes, implements a new 1.2% tax on wages exceeding $500,000 for joint returns and $400,000 for single filers, and adjusts the tax on self-employment income for high-income individuals. Additionally, the bill modifies taxes on unearned income and directs a portion of increased tax revenue to the Old-Age and Survivors, Disability Insurance, and Federal Hospital Insurance Trust Funds.