Increase the Social Security Tax Rate?

The Social Security 2100 Act (H.R. 860) would raise the current 6.2% Social Security tax rate for employees and employers to 7.4%; the increase would commence in 2020 and be fully phased in by 2043. The measure has over 200 co-signers. The rate increase, along with other changes, is designed to ensure solvency for years to come. The measure would also greatly increase the income threshold for determining the taxable amount of Social Security benefits.