Examining the Biden Platform’s Social Security Tax Plan - Forbes
As we’ve been saying for some time on this website, Social Security reform is likely to take on a new level of priority when the 117th Congress opens up for business in January. And the Joe Biden campaign platform included a provision that may set the stage for discussion on how to deal with the solvency issue facing this critical Senior benefit program. After all, his party was clear in its intent to raise taxes as part of the solution…nearly three-quarters of a trillion dollars in new revenue over the coming decade.
Forbes Senior Contributor Howard Gleckman, in a post on forbes.com, takes a detailed look at the Biden plan for tax increases to support Social Security funding, calling it “a big step towards building political consensus for a solution by putting a tax hike on the table.” But he adds caution in that the tax increase is not a complete solution to the looming solvency crisis. In fact, when netted against the benefit increases also baked into the Biden plan, the can would only be kicked down the road about five more years, a projection supported by studies from The Urban Institute. He also cites the plan to continue to exempt wages between the “tax cap”–$142,800 in 2021–and a $400,000 threshold as poor policy, despite its revenue contribution. Read Gleckman’s posted article here…
But, if it comes to pass, it would at least be an opening salvo in the quest for a solution to Social Security’s rapidly approaching crisis. It will be interesting to see what happens in the months ahead as Social Security finally takes a more prominent role in congressional deliberations.
Notice: The link provided above connects readers to the full content of the posted article. The URL (internet address) for this link is valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the link’s validity. Also, the opinions expressed in these postings are the viewpoints of the original source and are not explicitly endorsed by AMAC, Inc.; the AMAC Foundation, Inc.; or socialsecurityreport.org.