Bills · HR 2909
IN COMMITTEE· 119TH CONGRESS
House BillHR 2909Taxation
You Earned It, You Keep It Act
INTRO APR 14· LAST ACTION APR 14
READING
15MIN
COSPONSORS
13
READER REACTIONS0 TOTAL
NO VOTES YET · BE THE FIRST
- Introduced only
LEGISLATIVE PROGRESS
STEP 2 / 8Introduced
In Committee
Reported
Passed House
Passed Senate
Conference
To President
Became Law
WHAT THE BILL DOES
AI-writtenVoters should care about this bill because it directly impacts the financial well-being of millions of retirees and affects the funding structure of Social Security. If this bill becomes law, many retirees would see more money in their pockets because their Social Security benefits would no longer be subject to federal income tax. This could provide significant relief for those relying on these benefits, especially as costs of living rise.
On the other hand, high-income earners would face a new tax on a portion of their income that was previously exempt from Social Security taxes. This change could generate substantial revenue for the Social Security trust funds, potentially improving their long-term financial stability. If the bill does not become law, the current system of taxing Social Security benefits for higher earners and capping Social Security contributions at the current, lower limit would remain in place, meaning no immediate change to retiree income or the funding mechanism for the program.
KEY PROVISIONS
4AI-extractedPROVISION 01
Eliminates federal income taxation of Social Security benefits for all recipients.
This means retirees with higher overall incomes would keep more of their Social Security benefits.
PROVISION 02
Appropriates funds from the general Treasury to ensure Social Security and Railroad Retirement trust funds are not financially harmed by the loss of tax revenue from benefits.
This protects the financial stability of the trust funds, ensuring benefits can still be paid.
PROVISION 03
Removes the current cap on wages and self-employment income subject to Social Security taxes.
This sets the stage for high earners to contribute more to Social Security.
PROVISION 04
Establishes a new Social Security tax on wages and self-employment income earned above $250,000 per year, creating a 'donut hole' where income between the current cap and $250,000 is not taxed.
This introduces a new revenue stream for Social Security by taxing very high earners, while creating a unique tax bracket for certain incomes.
SPONSORSHIP
1 + 13
D· Minnesota
YRS IN OFFICE
7
BILLS LED
21
COSPONSOR BREAKDOWNBIPARTISAN · 0%
DEM 13 REP 0 IND 0
ACTION TIMELINE
2 EVENTSAPR 14
Introduced in House
APR 14
Referred to the Committee on Ways and Means, and in addition to the Committee on Energy and Commerce, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
BILL INFO
TypeHouse Bill
NumberHR 2909
Congress119th
StatusIn Committee
IntroducedApr 14, 2025
Last actionApr 14, 2025
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IN COMMITTEE· 119TH CONGRESS · WAYS AND MEANS COMMITTEE · INTRODUCED APR 14, 2025
House BillHR 2909Taxation
You Earned It, You Keep It Act
INTRODUCED APR 14, 2025· LAST ACTION APR 14, 2025
PASSAGE CHANCES
—%
READING
15 min
COSPONSORS
13
COMPLEXITY
Moderate
