What is the official ID of this bill?
The official print number for this legislation is HR 2304.
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.
Status:
Expired
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