More on the Biden Social Security Platform
Substantial tax increases aside, the Democrat plan for Social Security expansion could be expected to have a positive impact on Americans, potentially moving them out of poverty. This assessment was presented via an analysis by the Urban Institute and reported in a post by reporter Alexandra Kelley on thehill.com. Among other measures, the Biden plan would assess the 12.4% payroll tax on earnings above $400,000, thus shifting the program to a more progressive stance. Read Ms. Kelley’s post here…
Conversely, details on what specific measures President Trump would take to preserve Social Security for seniors, as evidenced by this quote from Andrew Biggs, a research fellow at the conservative-leaning think tank AEI, “I haven’t seen anything discussed on Social Security reform: “The president has argued against any Social Security benefit cuts but hasn’t waded into how Social Security’s long-term funding should be secured.”
As we’ve noted before, indications are that the issue of Social Security solvency will emerge as a key issue for the 117th Congress in January 2021. What will happen is anybody’s guess, so stay stuned!