To Save Social Security, Joe Biden Wants to Tax the Rich -- But His Proposal Falls Flat in More Ways Than One
Although it's an unpleasant realization, it's one that working Americans and retirees need to come to terms with: Social Security is in trouble.
The silver lining for seniors is there's absolutely no concern about America's most successful retirement program going bankrupt or becoming insolvent. Social Security generates 90% of its revenue from taxing the earned income (wages and salaries but not investment income) of working Americans. As long as people keep working and paying their taxes, there will always be money available to disburse to eligible beneficiaries.
Nevertheless, Social Security's long-term funding shortfall is growing with each passing year, and current and future retirees are looking to Washington for a resolution. While President Joe Biden believes he has a cure for what ails Social Security, a deeper dive suggests the president's proposal will fall flat in more ways than one.
Source Fool.com
