Biden's Proposal to Secure Social Security by Making the Rich Pay More

In a recent CNN debate, President Joe Biden was asked about his plan to ensure the solvency of Social Security. His response was clear and direct: 'Make the very wealthy begin to pay their fair share.' This proposal aims to address the significant funding gap faced by the Social Security program.Closing the Gap: One specific step that Biden is willing to take is to lift the cap on payroll taxes. By doing so, it is estimated that this measure could 'close roughly a quarter to nearly nine-tenths of Social Security’s solvency gap, depending on how they were structured.' This move would not only help secure the future of Social Security but also ensure that the burden is shared more equitably among the population.Implications: If implemented, this policy could have far-reaching implications for the wealthy individuals who would be required to contribute more towards Social Security. It could also spark a larger conversation about income inequality and wealth distribution in the country.Conclusion: President Biden's proposal to make the rich pay more towards Social Security is a bold step towards ensuring the program's long-term sustainability. By addressing the funding gap through measures like lifting the cap on payroll taxes, it shows a commitment to securing the future of Social Security for generations to come.