Biden Could Act to End a Social Security Tax Break for the Rich
Joe Biden has repeatedly pushed to cut Social Security in the past. But a proposal to end the payroll tax exemption for the rich would bolster the crucial government service and even has Joe Manchin’s support. The president has no excuse not to support it.
President Joe Biden speaks during an event with a bipartisan group of mayors in the East Room of the White House in Washington, DC, US, on January 20, 2023. (Andrew Harrer / Bloomberg via Getty Images)
When West Virginia Democratic senator Joe Manchin this weekend endorsed bolstering Social Security by ending a payroll tax exemption for the rich, he was backing a proposal pioneered by progressive lawmakers more than two decades ago.
The question now is whether President Joe Biden — who has pushed Social Security cuts in the past and whose new chief of staff touted such cuts — will seize the opportunity to shore up the system’s revenue, or instead try to strike a deal with Republicans to slash the program.
During a Sunday CNN interview, Manchin was asked about Republicans’ potential push to cut Social Security. He responded that the “easiest and quickest thing we can do is raise the cap” that stops charging Social Security taxes on income over $160,000 per year.
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