Author Bio
Maurie Backman is a personal finance writer who s passionate about educating others. Her goal is to make financial topics interesting (because they often aren t) and she believes that a healthy dose of sarcasm never hurt anyone. In her somewhat limited spare time, she enjoys playing in nature, watching hockey, and curling up with a good book.
There s a reason millionaires across the country are shaking in their boots right now. President Biden recently revealed the details of a tax proposal that, if passed, could leave the wealthy on the hook for a much higher IRS liability.
For one thing, Biden is seeking to raise the top marginal tax rate from 37% to 39.6% for the country s highest earners. He s also looking to raise capital gains taxes so that the wealthy no longer benefit from holding investments for at least a year and a day.
Social Security Benefits Might Be Cut Soon – This Calculator Shows You How Much You ll Lose yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
April 27, 2021 4:36 AM newsfeedback@fool.com (Maurie Backman)
Posted:
Updated:
April 27, 2021 7:06 AM
Millions of seniors today rely on Social Security to pay their bills. But will the program manage to continue paying benefits in the future as it does today?
It’s questionable. Though Social Security is not in trouble of going away completely, the program will owe more money in benefits than it collects via payroll tax revenue in the coming years. The reason? As large numbers of baby boomers exit the workforce and start filing for the benefits they’ve earned, too few workers will enter the labor force to replace them.
Author Bio
Maurie Backman is a personal finance writer who s passionate about educating others. Her goal is to make financial topics interesting (because they often aren t) and she believes that a healthy dose of sarcasm never hurt anyone. In her somewhat limited spare time, she enjoys playing in nature, watching hockey, and curling up with a good book.
Millions of seniors today rely on Social Security to pay their bills. But will the program manage to continue paying benefits in the future as it does today?
It s questionable. Though Social Security is not in trouble of going away completely, the program will owe more money in benefits than it collects via payroll tax revenue in the coming years. The reason? As large numbers of baby boomers exit the workforce and start filing for the benefits they ve earned, too few workers will enter the labor force to replace them.