A New Bill Proposes Eliminating Social Security's Most-Hated Tax. Does It Have Legs?
For the past 22 years, national pollster Gallup has surveyed retirees to gauge their reliance on the income they receive from Social Security. Without fail, between 80% and 90% of respondents every year lean on their Social Security check to cover some portion of their expenses.
Ensuring the financial health of Social Security is of paramount importance to more than 49 million current retired workers, as well as the well over 100 million working Americans who'll one day be eligible for a monthly benefit.
For some on Capitol Hill, this means a complete overhaul of the program. Prior to being elected president in November 2020, Joe Biden released a four-point plan that outlined major changes to Social Security. His proposal included a reinstatement of the payroll tax on high earners above $400,000, as well as an assortment of changes designed to increase payouts for lifetime low-earning workers and aged beneficiaries (those 78 and above).
Source Fool.com
