Medicare and Social Security Fair Share Act

This bill raises the Social Security wage base cap from $160,000 to $400,000 and adds a 1.2% tax on income exceeding $400,000 for individuals or $500,000 for joint filers. It applies to both wage earners and self-employed taxpayers, with new tax revenue allocated to Social Security trust funds (71.3% to Old-Age/Survivors, 10.3% to Disability, and 28.7% to Hospital Insurance). The changes directly affect high-income earners, specifically those with annual earnings above these thresholds. The tax provisions take effect for 2024 and future years.