Congressman Brendan Boyle Co-Sponsors Bill to Apply Social Security Payroll Tax to Incomes Above $400,000
Congressman Brendan Boyle (D-Pa.) has co-sponsored a bill with Senator Sheldon Whitehouse (D-R.I.) that proposes to apply the Social Security payroll tax to incomes above $400,000. This legislative effort is part of a broader discussion in Congress about ensuring the long-term solvency of Social Security. Currently, the payroll tax that funds Social Security applies to a maximum of $184,500 in income, meaning that individuals earning above this threshold do not pay Social Security taxes on their entire income. The proposed bill aims to increase contributions from high-income earners to the Social Security trust fund. This initiative is distinct from other proposals, such as those from Senators Elizabeth Warren (D-Mass.) and Bernie Moreno (R-Ohio) to lift the cap entirely, or from Senator Bernie Sanders (I-Vt.) and Representative Val Hoyle (D-Ore.) to lift the cap above $250,000 and include capital gains and dividends. 
