Strengthening Social Security Act of 2023

Summary

This bill would gradually eliminate the Social Security payroll tax cap on high earners by 2029, subjecting all wages above the current cap to tax, and increase benefit calculations for lower-income retirees. For mortgage lenders, the reduction in net income for high-earning self-employed borrowers due to higher payroll taxes may affect qualifying income, while benefit increases for lower-income borrowers could improve long-term repayment capacity.