The House Ways and Means Committee held a legislative hearing Thursday on the Social Security 2100 Act, a bill that would increase the Social Security Tax to 14.8%, a 2.4 percentage point increase or about a 20% tax increase.

If enacted, both businesses and employees would see their payroll taxes increase to 7.4% each. The bill also would lift the cap on income on which the Social Security tax is applied, raising the effective tax increase to about 40% when fully phased in.

Get all the facts here.