President Joe Biden recently addressed the issue of Social Security solvency, emphasizing the need for the very wealthy to contribute their fair share. Currently, individuals earning under $170,000 pay 6% of their income towards Social Security, while millionaires only pay 1%. Biden highlighted the disparity in these contribution rates and proposed a plan to rectify it.
Under Biden's plan, he assured that there would be no increase in Social Security costs for individuals earning below $400,000. However, for those earning above this threshold, he intends to implement a progressive increase in contributions. This would involve raising the rate from 1% for millionaires to ensure the long-term sustainability of the program.
The President's proposal aims to address the financial challenges facing Social Security by redistributing the burden of contributions more equitably. By requiring the wealthy to pay a higher percentage of their income, Biden seeks to secure the future of the program and guarantee its viability for generations to come.
