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Joe Biden will raise social security payroll taxes.

Biden has pledged to raise social security payroll taxes. However, nothing is set in stone yet.

Biden has pledged to raise social security payroll taxes. However, nothing is set in stone yet.President Joe Biden has signed many executive orders during his first weeks in office, undoing his predecessor's policies on climate change, immigration, health care, and other issues.

During his election campaign, Biden proposed a plan to raise social security payroll taxes. This plan included increased benefits for old retirees, the poor, and family caregivers.

Biden has said that he would impose payroll taxes on wages or salaries over $400,000. Many Americans count on these social security benefits to see them through retirement or in case of disablement.

Neither Biden nor the officials in the current administration have specifically spoken about raising social security payroll taxes, or how much they would raise them by. It is just a proposal that has not been signed into law.

Financial and investment website The Street reports that "By way of background, President Joe Biden’s proposed plan would remove the cap on the number of earnings subject to the Social Security’s tax. Read Contribution and Benefit Base. It would impose the 12.4% Social Security OASDI tax on income above $400,000, according to a report published on JD Supra. Under current law, the Social Security OASDI tax, which is split equally between employers and employees, applies only with respect to income up to $142,800."

Though many might deem it likely that social security payroll taxes will be raised, such matters have not been made into law. As such, we have to deem this claim unverifiable.

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