Biden’s New Social Security Plan Uncovered
"Biden’s long-term plans will ultimately cause widespread financial suffering.
One expert just said it’s basically inevitable — and one group of taxpayers will get hit the hardest.
Biden notably promised not to raise taxes on families earning less than $400,000 per year, which would be most families in the country. Democrats have touted this as a big win for the middle class.
The only problem is, it’s “not rooted in mathematical reality.”
That’s what Manhattan Institute senior fellow Brian Riedl wrote in the Wall Street Journal (via The Daily Caller):
President Joe Biden promised to block any attempts to reduce Social Security or Medicare benefits, but this will almost certainly lead to a tax hike on the middle class.
‘The president’s implication that full benefits can be paid without raising taxes for 98 percent of families has no basis in mathematical reality,’ he wrote.
Currently, Medicare and Social Security are set to come up short by $48 trillion and $21 trillion respectively in the next 30 years.
So, Riedl argues that it’ll be almost impossible to avoid significant tax hikes if they’re not willing to cut benefits. And the Biden administration has made it clear that they’re not going to do that.
The middle class are once again slated to get hammered, because “tax the rich” won’t work out in this scenario.
According to Riedl, even if Congress imposed state and payroll taxes of almost 100% for the wealthy, and also jacked the corporate tax rate, it still wouldn’t cover the expenses of Social Security and Medicare.
One expert just said it’s basically inevitable — and one group of taxpayers will get hit the hardest.
Biden notably promised not to raise taxes on families earning less than $400,000 per year, which would be most families in the country. Democrats have touted this as a big win for the middle class.
The only problem is, it’s “not rooted in mathematical reality.”
That’s what Manhattan Institute senior fellow Brian Riedl wrote in the Wall Street Journal (via The Daily Caller):
President Joe Biden promised to block any attempts to reduce Social Security or Medicare benefits, but this will almost certainly lead to a tax hike on the middle class.
‘The president’s implication that full benefits can be paid without raising taxes for 98 percent of families has no basis in mathematical reality,’ he wrote.
Currently, Medicare and Social Security are set to come up short by $48 trillion and $21 trillion respectively in the next 30 years.
So, Riedl argues that it’ll be almost impossible to avoid significant tax hikes if they’re not willing to cut benefits. And the Biden administration has made it clear that they’re not going to do that.
The middle class are once again slated to get hammered, because “tax the rich” won’t work out in this scenario.
According to Riedl, even if Congress imposed state and payroll taxes of almost 100% for the wealthy, and also jacked the corporate tax rate, it still wouldn’t cover the expenses of Social Security and Medicare.
70-79, M
