Social Security
Posted: Tue Jul 05, 2022 4:12 pm
Will only be able to pay out 80% of benefits by 2035.
If people are making $400k+ per year, I think they can afford the payroll taxes.One Democratic plan proposed by Rep. John Larson of Connecticut, the Social Security 2100 Act: A Sacred Trust, would reapply payroll taxes starting at $400,000 and up.
The plan put forward by Sanders and Warren would reapply those taxes at wages over $250,000, among other tax increases.
But Republicans at both hearings indicated those tax proposals were non-starters. In their meeting last week, Republican House leaders emphasized the negative effects higher payroll taxes may have on small businesses.