1. Short title This Act may be cited as the Medicare and Social Security Fair Share Act . 2. Modification of payroll taxes (a) Wage base for taxes funding social security (1) In general Paragraph (1) of section 3121(a) of the Internal Revenue Code of 1986 is amended to read as follows: (1) in the case of taxes imposed by sections 3101(a) and 3111(a), for any calendar year in which the contribution and benefit base (as determined under section 230 of the Social Security Act) is less than $400,000, so much of the remuneration (other than remuneration referred to in the succeeding paragraphs of this subsection) with respect to employment that has been paid to an individual by an employer during the calendar year as exceeds such contribution and benefit base but does not exceed $400,000