S.1690

Medicare and Social Security Fair Share Act increases funding for Social Security and Medicare by modifying payroll taxes and self-employment income.

The Medicare and Social Security Fair Share Act amends the Internal Revenue Code to increase funding for Social Security and Medicare. It modifies payroll taxes by increasing the wage base for taxes funding Social Security and introducing a further additional hospital insurance tax on very high income taxpayers. The act also modifies taxes on self-employment income by increasing the tax on net earnings from self-employment up to the contribution and benefit base and more than $400,000.