Medicare and Social Security Fair Share Act

This bill would adjust Social Security and Medicare tax provisions for high-income earners. It would raise the Social Security wage base to $400,000 (so income above this level would no longer be subject to Social Security tax) while adding a new 1.2% tax on wages exceeding $400,000 (or $500,000 for joint returns). It would similarly create a 1.2% tax on self-employment income above $400,000. Additionally, it would impose a 13.6% tax on investment income for individuals with modified adjusted gross income above $400,000. The revenue generated would be allocated to Social Security and Medicare trust funds, with 71.3% going to Old-Age and Survivors, 10.3% to Disability Insurance, and 28.7% to Hospital Insurance.