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Biden, Social Security, and the wealthy
Tom Purcell of triblive.com discusses where the Biden Administration may go on the issue of Social Security reform. We hear so little on the topic from Biden, but he has noted several times that the wealthy should pay more. Purcell explains the idea often floated of keeping the Social Security tax cap at the current $142,800 but reinstating the 12.4% combined payroll tax after income exceeds $400,000. Usually that plan comes with a caveat that those earnings will not be calculated toward future benefits, which of course changes the current concept of the program into something more akin to welfare. Full piece here.
The Association of Mature American Citizens (AMAC) believes Social Security must be preserved and modernized. This can be achieved by making modest changes in cost of living adjustments and the retirement age, with no additional taxes on workers. AMAC advocates for a bipartisan compromise, “The Social Security Guarantee Act,” taking selected portions of bills introduced by former Rep. Johnson (R-TX) and current Rep. Larson (D-CT) and merging them with the Association’s own well researched ideas. One component is Social Security PLUS, a new, voluntary plan that would allow all earners to have more income available at retirement. This component is intended to appeal especially to younger workers. AMAC is resolute in its mission that Social Security be preserved and modernized and has gotten the attention of lawmakers in DC, meeting with a great many congressional offices and their staffs over the past several years. Read AMAC’s plan here.