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Andrew Biggs: $1,300 annual tax increase would address 40 percent of U.S. Social Security deficit

Andrew Biggs: $1,300 annual tax increase would address 40 percent of U.S. Social Security deficit
Social Security reform faces tax resistance

Andrew Biggs highlights that a $1,300 annual tax increase, which 77 percent of Americans oppose, would resolve approximately 40 percent of the U.S. Social Security deficit.

He adds that while a tax increase remains possible, the reluctance of Americans to accept higher taxes despite wanting benefits makes Social Security reform especially difficult.

Biggs previously reported that Social Security's long-term deficit increased 16 percent, citing OBBA and updated fertility rate assumptions as key factors in the rise (full story). In a separate analysis, he noted that seniors remain the most financially secure demographic, according to a Federal Reserve survey (details). The backdrop adds context to ongoing debates over funding and benefits for the program.

This material may contain third-party opinions, none of the data and information on this webpage constitutes investment advice according to our Disclaimer. While we adhere to strict Editorial Integrity, this post may contain references to products from our partners.

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