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Social Security Tax and Benefit Changes: Higher Earnings, New Rules

The "Save Social Security Act of 2021" proposes changes to how earnings are taxed for Social Security and how future benefits are calculated. The main goal is to subject higher incomes to social security contributions, which may affect the finances of high-income earners while potentially strengthening the benefit system. The changes apply to both employees and self-employed individuals.
Key points
A larger portion of earnings above $400,000 annually will be subject to Social Security taxes, meaning higher contributions for very high-income earners.
Earnings above $400,000 annually will be included in the calculation of future Social Security benefits, potentially increasing retirement payments for top earners.
Rules for taxing Social Security benefits are changing, which may affect the amount of benefits included in taxable income.
Social Security and Railroad Retirement Act trust funds will be protected from potential losses due to changes in benefit taxation.
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Expired
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Additional Information
Print number: 117_HR_2304
Sponsor: Rep. Crist, Charlie [D-FL-13]
Process start date: 2021-04-01
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Save Social Security Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2304.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-04-01.

What are the main provisions?

Key points include:

  • A larger portion of earnings above $400,000 annually will be subject to Social Security taxes, meaning higher contributions for very high-income earners.
  • Earnings above $400,000 annually will be included in the calculation of future Social Security benefits, potentially increasing retirement payments for top earners.
  • Rules for taxing Social Security benefits are changing, which may affect the amount of benefits included in taxable income.
  • Social Security and Railroad Retirement Act trust funds will be protected from potential losses due to changes in benefit taxation.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Crist, Charlie [D-FL-13].

What is the latest detailed status?

The latest detailed status is: Referred to the Subcommittee on Social Security.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Taxes Benefits