Moreno's Social Security Tax Hike Would Hurt Working Families, Businesses The Biden administration has proposed increasing taxes on working families and businesses to bolster the Social Security trust fund.
The tax hike would affect individuals earning above $400,000 and couples above $450,000 per year, with a 12. 4% tax rate applied to earnings between $250,000 and $350,000.
This move has sparked concerns among economists, working families, and small business owners, who argue that the tax hike would disproportionately affect low and middle income households and hinder economic growth.