Medicare and Social Security Fair Share Act

[AI summary unavailable — showing source text] [Congressional Bills 119th Congress] [From the U.S. Government Publishing Office] [S. 1690 Introduced in Senate (IS)] <DOC> 119th CONGRESS 1st Session S. 1690 To amend the Internal Revenue Code of 1986 to increase funding for Social Security and Medicare. _______________________________________________________________________ IN THE SENATE OF THE UNITED STATES May 8, 2025 Mr. Whitehouse (for himself, Ms. Klobuchar, and Mr. Van Hollen) introduced the following bill; which was read twice and referred to the Committee on Finance _______________________________________________________________________ A BILL To amend the Internal Revenue Code of 1986 to increase funding for Social Security and Medicare. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Medicare and Social Security Fair Share Act''. SEC. 2. MODIFICATION OF PAYROLL TAXES. (a) Wage Base for Taxes Funding Social Security.-- (1) In general.--Paragraph (1) of section 3121(a) of the Internal Revenue Code of 1986 is amended to read as follows: ``(1) in the case of taxes imposed by sections 3101(a) and 3111(…