Boston Globe said Biden should stick to his promise to increase the levy
A Boston Globe editorial points out a “glaring omission” in President Joe Biden’s mega-trillion spending/taxing plan: His campaign promise to raise the social security tax.
There’s no need to look far for supporters of raising the Social Security tax. Biden himself campaigned on a plan that would raise $740 billion over a 10-year period. So as the president and his Democratic colleagues in Congress look to pass the first major tax hike in nearly three decades, they ought to include a plan not only to keep the Social Security fund solvent but also to reduce poverty among older Americans. Failing to do so would be a missed opportunity, one that Democrats might later come to regret given Republicans’ repeated efforts to cut Social Security benefits
The plan would increase benefits for needy seniors and so forth. Never mind that the tax is regressive and would hit middle class wage earners the hardest.
If I recall correctly (and I’m sure I’ll be corrected), making the Social Security fund solvent historically has been a Republican item. Now that Democrats are on board, it’ll be interesting to see if Republicans now will support it.
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