Considering that Americans value retirement security a great deal, both President Donald Trump and Democratic presidential nominee Joe Biden have spoken relatively little about this pressing issue.
While the weeks leading to Election Day have been full of hot-button issues including coronavirus (COVID-19) response, it’s social security and health care that could prove to be deciding factors in the polls.
Biden plans to shore up Social Security
Biden has expressed backing on the expansion of the program, with bigger benefit checks to Americans and higher taxes on the rich.
For example, to protect seniors against depleted retirement savings, Biden plans to raise monthly payments for seniors who have been receiving benefits for at least two decades.
His proposal would also set a minimum benefit — at least 125 percent of the poverty level — for those who have worked at least 30 years. Monthly survivor benefits for widowers and widows would increase by 20 percent.
To improve the program’s solvency, Biden plans to impose Social Security payroll taxes on high earners, according to CNBC. Currently, workers pay 6.2 percent from wages, capped at wages up to $137,700 (which is indexed for inflation). Biden would also apply taxes to earnings over $400,000.
