Medicare and Social Security Fair Share Act

Increased Funding for Social Security and Medicare: The bill directs portions of taxes from net investment income to the Federal Old-Age and Survivors Trust Fund, the Federal Disability Insurance Trust Fund, and the Federal Hospital Insurance Trust Fund (Section 4(d)).

Modified Payroll Tax Structure: The bill adjusts the wage base for taxes funding Social Security to a specific level related to a $400,000 threshold (Section 2(a)).

New Tax on High Earners for Hospital Insurance: A new tax of 1.2 percent is imposed on wages for certain high-income taxpayers to provide additional hospital insurance (Section 2(b)).

New Tax on High-Income Wage Earners: A tax of 1.2 percent is imposed on wages received in excess of certain thresholds, such as $500,000 for joint returns or $400,000 for others (Section 2(b)(1)).

Additional Tax on Self-Employment Income: The bill imposes a 1.2 percent tax on self-employment income that exceeds specific high-income thresholds (Section 3(b)(1)).

Increased Tax on Net Investment Income: The bill modifies the tax on net investment income, which can include an increase of 13.6 percent for individuals whose modified adjusted gross income exceeds specific high-income thresholds (Section 4(a)).

Increased Tax Rates for Trusts and Estates: For certain trusts and estates, the tax rate is increased from 3.8 percent to 17.4 percent (Section 4(b)(1)).