If nothing is changed, the Social Security retirement trust fund will run out of money. During the 2020 campaign, Joe Biden proposed changes to Social Security similar to those in Congressman John Larson’s (D-CT) Social Security 2100 Act. The benefit increases would be paid for by imposing Social Security payroll taxes on salaries above $400,000. The opposite approach to improving Social Security’s solvency was proposed by former representative Sam Johnson (R-TX) in the Social Security Reform Act of 2016. Initially, Social Security was intended to provide a minimum income to all older Americans regardless of their contributions to the system.

Source: Forbes February 22, 2021 12:11 UTC