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.
