White House aides have discussed Social Security tax, eyeing shortfall [View all]

[brooklynite]

Source: Washington Post

During an hour-long meeting in the Oval Office, before they went to film a video together about student debt, Sen. Bernie Sanders (I-Vt.) pitched President Biden on his vision for hammering the Republican Party over one of the most potent issues in American politics.

Biden has for weeks leaned into the simple message that he is determined to block GOP efforts to cut Social Security and Medicare for millions of seniors. Left unanswered in these attacks is what Biden, himself, wants to do to address the massive funding shortfalls facing the programs, which face catastrophic benefit reductions within a decade if lawmakers take no action.

In that Jan. 25 meeting, Sanders pushed the president to fully fund Social Security for more than seven decades by expanding payroll taxes on affluent Americans, rather than just on workers’ first $160,000 in earnings, as is the case under current law. Sanders also asked the president to back his proposal — highly unlikely to pass Congress — to not only defend existing benefits but also increase them. He wants to provide another $2,400 per year for every Social Security beneficiary.

This previously unreported discussion between Biden and his onetime presidential primary rival reflects a broader behind-the-scenes effort inside the White House to decide how, or if, the party’s message on entitlements should go beyond criticizing the GOP. Biden aides have in recent weeks discussed proposing raising payroll taxes on the rich to fund Social Security, but it is unclear if the president will ultimately endorse that measure when he releases his budget in March, according to three people familiar with international deliberations, who spoke on the condition of anonymity to describe private talks. One of those people cautioned the talks were preliminary and it is still likely the White House opts not to advance the plan.

Read more: https://www.washingtonpost.com/us-policy/2023/02/23/biden-white-house-social-security/