GOP’s Plan for Major Social Security Changes: Insights and Reactions from Biden and Trump
GOP representatives' huge Social Security proposal
Last week, the Republican Study Committee (RSC) released its proposed budget for fiscal year 2025. The plan includes major reforms to Social Security addressing solvency issues.
The proposed changes:
- Primary insurance amount (PIA) benefit formula adjustment for certain earners
- Full retirement age (FRA) adjustment based on life expectancy
- Limit and phase out auxiliary benefits for high-income earners
The proposed changes would impact millions of Americans as the Social Security trust funds are on track to run out of money in 2033.
Why Biden and Trump oppose them
President Biden and former President Trump both oppose the proposed reforms. Biden aims to subject earnings over $400,000 to payroll tax for Social Security and increase benefits. Trump's stance is to avoid touching Social Security, proposing U.S. oil revenue as a funding solution.
Most Americans' opinions
A recent survey showed significant support for reducing benefits for wealthy Americans and raising the retirement age. However, Biden's proposal to raise payroll taxes on higher earnings was also well-received.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.