Democrats’ Fair Share Act To Extend Social Security, Medicare For Over 75 Years, Analysis Says

Democratic lawmakers introduced the “Fair Share Act” that intends to extend the solvency of Social Security and Medicare for more than 75 years. The bill will require taxpayers who make more than $400,000 per year to contribute more to the federal programs.

On July 11, a federal analysis revealed that several Democratic lawmakers introduced the “Fair Share Act” that intends to extend the solvency of Social Security and Medicare for more than 75 years. The Fair Share Act was introduced last April by Senate Budget Committee Chair Sheldon Whitehouse, along with a bill proposed by Representative Brendan Boyle on July 11.

According to Wilkins, the Fair Share Act would extend the solvency of the federal programs by requiring the country’s highest income earners to contribute a fair share. This suggests that the Fair Share Act would obligate taxpayers who make more than $400,000 per year to contribute more to the Social Security and Medicare.

Furthermore, the Fair Share Act will close legal loopholes and guarantee that owners of pass-through businesses such as private equity firms and hedge funds with over $400,000 in annual income cannot evade taxes from the federal programs.

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Fair Share Act Analysis

An article in the Institute on Taxation and Economic Policy states that an analysis conducted by the Office of the Chief Actuary of the Social Security Administration revealed that if the Fair Share Act is enacted, the provisions would be enough to pay the scheduled benefits of the federal programs in full and without delay throughout the 75 eyars.

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