Tag: Social Security finances
But the increase should be small and gradual. Enough with politics. It’s time to get back to solving problems. Not surprisingly – given my slant on the world – the problem I care most about is fixing Social Security. But in an attempt to protect lower-income households, President Biden committed to never raising taxes on…
That said, the taxation of Social Security benefits could be better designed. Social Security, the backbone of our retirement system, is facing a financing problem. Costs have been rising and the tax rate has been fixed, creating a gap between money coming in and benefits going out (see Figure 1). In the short term, t…
