I& #39;m in Monday& #39;s @wsj writing about Joe Biden& #39;s Social Security plan. Biden says the right things about the need to save Social Security. But his plan adds just 5 years to Social Security& #39;s solvency. Why? /1 https://www.wsj.com/articles/the-hidden-trap-in-bidens-tax-hike-11603052904?mod=opinion_lead_pos6">https://www.wsj.com/articles/...

/2 Biden& #39;s plan includes large tax increases, which hit the rich immediately & will hit the upper middle class as the plan is fully implemented. The all-in US top marginal tax rate could hit 60% when state/local taxes are included.

/3 But Biden& #39;s plan spends nearly 2/3rds of its tax increases on boosting benefits, not paying for the benefits Social Security already has promised but can& #39;t afford to pay. Social Security would still be insolvent by 2040, meaning more tax increases are on the way.

/4 Some of Biden& #39;s benefit increases make sense, such as for low earners and widows. But do high-income retirees need larger COLAs? Should govt employees have the Windfall Elimination Provision repealed? These $ would be much better used to extend Social Security& #39;s solvency.

/5 I& #39;m happy to see any plan for Social Security reform. But Social Security needs a better thought-out plan than VP Biden offers.