February 14, 2022

To pay for those changes, the legislation calls for increasing Social Security taxes paid by higher-wage
earners. In 2021, those taxes are capped at $142,800 in wages, and in 2022 that will rise to $147,000.
This proposal reapplies taxes on wages at $400,000 and up. The bill would create only about half the
revenue of the previous Social Security 2100 Act proposal put forward in 2019. Notably, the benefit
enhancements would only be in place for five years.