Bill > S1558

This bill, titled the Keeping Our Social Security Promises Act, aims to modify how employment and self-employment taxes are applied to ensure more revenue for Social Security. Specifically, it proposes to apply these taxes to earnings up to a certain limit, known as the "contribution and benefit base," which is an annual amount determined by the Social Security Act that is subject to change. Additionally, the bill seeks to apply these taxes to earnings that exceed $250,000. This change would affect both wages paid to employees and net earnings derived from self-employment, with the amendments taking effect for remuneration and earnings after December 31, 2011.