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New Bill Eliminates Cap on Social Security Payroll Taxes
News May 21, 2025 at 01:24 PM
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What You Need To Know
- The bill would extend the solvency of Social Security and Medicare by at least 75 years.
- The Medicare & Social Security Fair Share Act would impose the payroll tax on income above $400,000, allowing the gap between that level and the current taxable maximum to gradually close.
- Taxpayers with incomes above $400,000 would also be required to contribute more to Medicare via an increase in the net investment income tax.
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