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For older Americans, some of the focus has been on Social Security and its fate.
Itsmost recent trustees reportis very straightforward in saying that reserves are projected to be depleted in [2035].
The revenue would be able to cover only 83%, according to the trustees.
Here are three potentialchanges to Social Security that could come under a Harris administration.
The income limit in 2024 is $168,600.
The Biden administration would like to reinstate a tax for those making more than $400,000.
However, the specifics remain to be seen.
Changes in Payroll Tax Collection
Cirksena also hinted at possible changes in how Social Security is funded.
Therefore, there could be a change inpayroll tax collection, he said.
This change in payroll tax collection could have a significant impact on wealthy Americans.
Termini said, About 6% ofall wage earners[would] be subject to the higher limits.
That represents fewer than 3 million people.
But for them the burden [would] be considerably less onerous than for other workers.
The burden of financing Social Security [would] remain the same for poor and middle-class workers.
Wealthy Americans [would] pay more.
They [would] just feel less pain than folks who make less money than they do.
Its one to watch.
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