Biden Proposes Increased Funding, Tax Changes to Strengthen Social Security
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Biden proposed a $1.3 billion increase to the Social Security Administration's budget to improve services. This doesn't include benefits payments.
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Biden wants to work with Congress to strengthen Social Security, without cutting benefits or privatizing it. He proposes making all income above $400k subject to payroll tax.
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Most Americans support taxing income above $400k to fund Social Security, as well as moderately increasing payroll tax rates.
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Americans are split on raising the full retirement age. Most support raising minimum SS benefits.
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Biden's SS plans likely won't advance in the GOP-controlled House. Without changes, SS funds will be depleted by 2034, requiring cuts.