The Social Security Administration's plans to increase recipients' benefits by 5.9% next year could lead the Social Security Trust fund to run out of money by 2032, one year ahead of previous estimates, according to Maya MacGuineas, president of the bipartisan Committee for a Responsible Federal Budget.
Joe Biden has had quite the run of insane nominees since taking office, from David Chipman, the rabid anti-gun conspiracy theorist who wasn’t confirmed, to Tracey Stone-Manning, the former eco-terrorist who was. But the president’s latest choice may take the cake.
A new congressional report shows that the tax increase bill approved by the House Ways and Means Committee would increase taxes on millions of taxpayers making less than $400,000. That would violate a pledge President Joe Biden has made repeatedly.
A letter signed by more than 40 trade associations calls on Congress to reject the proposal, saying it violates customer privacy and would create an incredibly expensive and elaborate reporting requirement for banks.