Biden is considering adding new payroll taxes on income over $400k to fund Social Security and Medicare

2/25/2023

Biden is considering adding new payroll taxes on income over $400k to fund Social Security and Medicare, per WaPo.

The current system taxes workers' first $160,200 in earnings, and many Democrats have called for changing that cap as the Social Security trust fund faces insolvency, per BI.

"At a time when half of older Americans have no retirement savings & 55% of seniors are trying to survive on less than $25,000 a year, our job is not to cut Social Security or raise taxes on workers," Bernie Sanders wrote on Twitter last month. "Our job is to expand it so all seniors can live with the dignity they deserve."

"The biggest threats to Social Security and Medicare are House and Senate Republican efforts to gut a program millions of Americans have been paying into since their first jobs as teenagers," Robyn Patterson, a White House spokesperson, said.

Congress has until 2032 to avert major cuts to Social Security and until 2033 to avert major cuts to Medicare, according to the latest projections by the nonpartisan Congressional Budget Office.

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