About to talk about Social Security. Tell us about the health or lack of for the Social Security program. Trillion has a 2. 9 that can pay all benefits in full for the next decade and 87 after. It is more important than ever providing not Just Retirement which is important but benefits from a life insurance. Host what is the best way to make of that shortfall you mentioned . Guest there are a number of ways to do it. The balance is a means to an end, the end is what level of Economic Security to be want to provide ourselves collectively. We think the benefits are too low. The number will expand the and have the wealthiest contribute more to Social Security. Host have there been changes made to the Social Security program during the last four years ring the Trump Administration during the Trump Administration . Guest there been regulatory changes that have made it hard that have made it carter that have made it harder to collect benefits. There are a no bird of radiations that have been rushed out the door post election regulations that have been rushed out the door post election. Administration has a platform to expand Social Security. Host that includes two higher the tax rate for wealthy americans, more money for those who have received benefit in the last 20 years. They call for improving the minimum benefit providing spices spouses would receive a higher benefit. In terms of higher Social Security tax rate, are there any specifics proposed by the Biden Campaign . Guest they have. Fundedsecurity is merely through contributions matched dollar for dollar by employers. Of 137,000 a maximum 137,000. You pay 2. 6 up to that threshold. What joe biden has proposed and members of congress have collect is to begin to the Social Security contributions again for incomes over 400,000 over 400,000. Of ally, because because the threshold is indexed, it would close and everyone would pay on all of their income. Host that income ceiling, has that risen at all in the last decade . What has been the resistance what is the argument for the resistance of raising that . Every ever since 1972, much of Social Security has been automatically indexed. Its wages go up. It goes up usually a few thousand dollars each year. It is a gradual increase. I think this widespread support, only 6 of the population lives over 137,000. Most working American Families work all year long. We joked that bill gates probably stopped paying into it on his coffee break on january 1. Once you hit that, you stop paying. Most americans when they hear they there is that maximum, they support eliminating it. That is a prominence bill the chairman of the Social Security subcommittee has most has proposed. 208 cosponsors. Host do you know where that ranks in terms of the biden administrations priorities . Guest i dont know, i hope it would be high. Seniors partially with the concern about covid, but there was a contrast before the election. President trump talked about eliminating the payroll contributions, defunding Social Security. Ran on that. Elect if you look them up poll after poll shows believe Social Security should not be cut, it is more important than ever. Host we have a line for Social Security recipients, 2027488003. Other lines other lines are broken up like this, 2027488000 for republicans. Excuse me, 2027488001 for republicans, 2027488000 for democrats, 2027488002 for independents. The payroll tax cut. The headline from the wall street journal, it creates a predicament for congress. President trumps decision is leaving count is for lawmakers to manage after he leaves office in january. They havent figured out what if anything to do about it. This was a deferral that manley affected federal workers, correct that mainly affected federal workers, correct . Guest yes. Unilateral and using a provision that allows national or local emergency to defer the collection of taxes. 1 througheptember september through december 31 , employees were freed from giving these employee contributions. Starting is that january 1 they will have to pay it back and it will be 12. 4 . It will go from zero withholding from 12. 4 withholding. Using that authority to spread out the payback. Intead of paying it back four months, if you payback in 12 months it will be a smaller amount withdrawn from weekly paychecks. Host did federal workers have the option and say i will ke sen. Mcconnell good afternoon, everyone. Meetinghad a lunch conference call, this time, aware growing concern about the rise of coronavirus and we adjusted our meeting to