1 Change in Social Security What Most Retirees Should Want Is What Joe Biden Wants

Joe Biden wants Social Security to be altered. He hasn't made an effort to conceal this. In fact, Biden ran for president with a promise to radically alter the federal program.

In his campaign for president, Joe Biden promised to "put Social Security on a road to long-term stability." He might achieve this aim most effectively by focusing on one aspect of his strategy.

The president proposed raising the payroll taxes that high-income Americans must pay. 

He particularly wants the Federal Insurance Contributions Act (FICA) tax to be applied to any income over $400,000 per year. A payroll tax known as FICA raises money for Social Security.

Currently, a 12.4% tax rate applies to all income up to $147,000 per year. This payroll tax is split equally between employers and employees.

Self-employed people are obligated to pay the whole amount because they are both employers and workers.

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