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The future of Bidenomics: You pay Social Security tax on all of your income?

14 177
04.01.2024

Barron's senior writer Al Root, reporter Carleton English, and deputy editor Ben Levisohn discuss social security and the potential for revenue to be boosted by increasing taxes on earners above $400K.

It’s unfortunate that most politicians and economists don’t explain our $34 trillion of debt in a simpler fashion, but I’ll offer some insight on how the basic math works.

If you really understand the math, it’s not hard to deduce what outcomes may be here in the future. With another four years of Bidenomics, you can be certain both at the individual level and the corporate level that a perpetuity tax on Social Security will become front and center. Here's why.

The Social Security Board of Trustees estimates that in 2041, the Social Security Trust Funds will be depleted.

If you think about the government like a business (a badly run one), we really have three broad ways we bring in income since the government doesn’t sell cheeseburgers and we don’t make money putting things on Amazon. Here’s what they are:

SMALL SOCIAL........

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