HR 7084 United States House · 118th Congress

You Earned It, You Keep It Act

The "You Earned It, You Keep It Act" (HR 7084) establishes a $250,000 annual income threshold for Social Security taxes. Income above this threshold will no longer be subject to Social Security taxes but will still count toward Social Security benefits. This affects high earners who would have paid Social Security taxes on income above the current wage base. The bill also includes special rules for workers with multiple employers and applies to calendar years after 2024.

Issues: ✗ Budget & Taxes

Sub-Topics: Income Tax

Bill status in committee 1 of 4 stages cleared

Introduction

Jan 2024

Committee Review

Floor Vote

President

Introduced Jan 25, 2024 Last action Dec 17, 2024

Floor votes

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No floor votes recorded yet.

Full legislative history

Actions timeline

Total actions

Key actions

Committee

Dec 17, 2024

Committee

Referred to the Subcommittee on Social Security.

lower

Dec 17, 2024

Committee

Referred to the Subcommittee on Work and Welfare.

lower

Jan 26, 2024

Committee

Referred to the Subcommittee on Health.

lower

Jan 25, 2024

Committee

Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.

lower

Jan 25, 2024

Introduced

Introduced in House

lower

1 primary · 14 co-sponsors