5 Social Security Changes if Kamala Harris Wins The Elections
1. Tax higher income
Social Security has an uncertain future in America, which is why a lot of debates on this subject were held recently. Within the next decade, the program Old Age and Survivors Insurance (OASI) Trust Fund is most likely to run out of money. So, the constant fear senior Americans face daily is completely normal and understood. It’s expected the Social Security program to be left solely dependent on the payroll taxes. Unfortunately, those taxes currently cover about 77% of benefits.
Biden Harris administration proposed a four-point plan to address the OASI shortfall. It would impact high earners who can depend on their retirement savings to get by.
A key feature of the plan would be:
Tax-earned income above $400,000, leaving wages between $168,600 and $400,000 untaxed. In 2024, any wages above $168,600 are not taxed, up from $160,200 in 2023.
