Republicans and Democrats show opposing views on how to address Social Security and Medicare in new budget proposals. Here's what beneficiaries need to know.
Democrats have called for requiring the wealthy to pay more taxes so benefits can be enhanced."On the right, there is a line in the sand against tax increases," said Emerson Sprick, associate director of economic policy at the Bipartisan Policy Center.
The reforms would be gradually phased in and "affect no senior in or near retirement," according to the plan. Ultimately, the goal for the changes is to make Social Security's retirement trust fund "sustainably solvent." "There is a lot of willingness and openness on the Republican side of the aisle to reduce Social Security benefits for high earners," Sprick said.
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