Biden comes with a four-point plan to strengthen Social Security
To solve the well-known dilemma of Social Security, Biden made a four-point plan to strengthen the program. What Biden basically proposed was to generate more payroll tax revenue but also to increase the benefits for elderly beneficiaries and lifetime low-earners who are known to need it the most.
Lift payroll taxation for those who earn more
Probably the most notable change that has been made by Biden involves collecting more payroll tax revenue from all high-earning workers.
This year, all earned income between $0.01 and $160,200 has become subject to the 12.4% payroll tax. Even so, wages and salaries that are over $160,200 won’t be subjected to this tax. This way, $1 trillion in earned income will “escape” the payroll tax.