08.03.20
Biden’s Plan to Shore Up Americans’ Retirement Builds on Status Quo
by: Lee Barney
Presumptive Democratic presidential nominee Joe Biden has issued his plan for helping Americans retire successfully, promising to reinforce Social Security and Medicare, though it lacks any major economic policy reforms of the type preferred by more progressive Democrats. The Biden plan apparently plans to make the Social Security Trust Fund whole by removing the current $137,700 cap on wage taxes for the program, according to Tom Clark, chief operating officer at The Wagner Law Group. "That seems to be the key to his plan," says Clark. "That would mean an additional 2 percent tax for everyone earning more." Biden also promises to "equalize saving incentives for middle-class Americans." Clark says giving bigger tax incentives for those on the lower end of the earnings scale is an interesting proposal—but not a major change.
Read the full article on PlanAdviser.com.