This will change Social Security forever.
Joe Biden made a big announcement about the program.
And the changes he is making will be devastating.
Even Democrats are beginning to admit the current system of Social Security isn’t sustainable in the long run.
Republicans have been saying this for years, but apparently Joe Biden has realized it’s true too.
However, the changes he is proposing will be crippling to the nation’s economy and put the country in an even worse spot than it is now.
Democrats already believe the solution to virtually everything is to implement a tax increase, and this is no different.
They are looking to cover the $22 trillion unfunded liability by digging into the pockets of successful entrepreneurs and milking them for everything they can.
According to the Motley Fool, “While on the campaign trail in 2020, then-candidate Biden released a four-point plan designed to strengthen Social Security. The critical aspect of this proposal was increasing payroll taxation on high earners.”
“While on the campaign trail in 2020, then-candidate Biden released a four-point plan designed to strengthen Social Security. The critical aspect of this proposal was increasing payroll taxation on high earners.”
This will almost certainly force businesses to leave the shores of America to avoid the prying hands of Biden’s bloated and overreaching federal government.
In turn, it will leave more Americans unemployed, defeating the very purpose of so-called “safety net” social programs.
But it’s not new for Biden or Democrats to use “high earners” as a political foil.
The article continues, “Under Biden’s plan, the payroll tax would be reinstated on earned income above $400,000, with a doughnut hole created between the maximum taxable earnings cap and $400,000 where the payroll tax exemption would remain in place. Since the maximum taxable earnings cap rises most years in lockstep with the National Average Wage Index, this doughnut hole would naturally close over time.”
But the majority of these “high earners” aren’t sitting on yachts drinking martinis. They own businesses that create thousands of jobs.
If these “high earners” go overseas, they take their tax dollars with them too – leaving Biden and the feds, and ultimately Social Security – with nothing.