Why the President Is Pushing for Social Security Reform

President Biden campaigned on a promise to “put Social Security on a path to long-run solvency.” With Social Security as we know it poised to reach a deficit by 2035, at which time it will only be able to pay about 75 percent of scheduled benefits, something must be done now.

The Motley Fool reports that rather than cut benefits, the President proposes increasing payroll taxes on wealthy Americans. Currently, only income up to $147,000 per year is taxed to help fund Social Security. President Biden would like to also tax any income above $400,000 per year.

The Seniors Trust is in total agreement. It’s high time high-wage earners pay their fair share. We want Congress to enact the Social Security Expansion Act. It goes a step further than the President’s plan. The Social Security Expansion Act lifts the income tax cap and subjects all income above $250,000 to additional Social Security Payroll tax. This will extend the solvency of the Social Security trust fund through 2096. You can show your support by signing our petition to Congress.