4 Social Security Shakeups From Biden That Could Impact You

Introduction

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Introduction

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Implement Payroll Tax for Income Over $400,000

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Implement Payroll Tax for Income Over $400,000

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Change the Way COLA Increases Are Calculated

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Change the Way COLA Increases Are Calculated

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Increase the Primary Insurance Amount

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Increase the Special Minimum Benefit for Lifetime Lower-Wage Workers

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4 Social Security Shakeups From Biden That Could Impact You

Introduction

President Joe Biden has proposed expanding the Social Security Old Age and Survivors Insurance Trust (OASI) to help close the $22.4 trillion

Introduction

funding gap indicated in the 2023 Trustees Report,

Implement Payroll Tax for Income Over $400,000

Payroll taxes are currently applied to earned income below $160,200. The rate is 12.4%.

Implement Payroll Tax for Income Over $400,000

Over that amount, earnings are free from OASI taxes.

Change the Way COLA Increases Are Calculated

This cost-of-living adjustment (COLA) is currently determined by the administration using the Consumer

Change the Way COLA Increases Are Calculated

Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

Increase the Primary Insurance Amount

Raising the PIA for Americans between the ages of 78 and 82 will benefit those who face growing costs as they age

Increase the Special Minimum Benefit for Lifetime Lower-Wage Workers

Low-wage workers, regardless of their earnings during their employment

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