5 Changes That Could Be Coming to Social Security if Kamala Harris Wins the Election
President Joe Biden’s sudden decision to drop out of the 2024 presidential race put the spotlight squarely on Vice President Kamala Harris. Biden endorsed Harris to lead the top of the Democratic ticket, and for now she’s the frontrunner. This means her policy positions will undergo intense scrutiny in the coming days — including her positions on Social Security.
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There isn’t a lot of detailed information on Harris’ Social Security positions yet. But as Newsweek reported, the vice president has largely aligned with Biden on various policy decisions — which is one reason they have referred to the administration as “Biden-Harris” rather than just “Biden.” Harris has also publicly opposed cuts to Social Security and Medicare floated by Republican lawmakers.
Here are five changes that could be coming to Social Security if Harris wins the election in November over ex-President Donald Trump.
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1. Tax Higher Income
Much of the debate about Social Security centers on its uncertain future. The program’s Old Age and Survivors Insurance (OASI) Trust Fund is expected to run out of money within the next decade, leaving Social Security solely dependent on payroll taxes. Those taxes currently cover only about 77% of benefits.
To address the OASI shortfall, the Biden-Harris administration has proposed a four-point plan that would mostly impact high earners who can depend on their retirement savings to get by. One key feature of the plan is the following:
Tax earned income above $400,000, leaving wages between $168,600 and $400,000 untaxed. In 2024, any wages above $168,600 are not taxed, up from $160,200 in 2023.
2. Change the COLA Formula
Another Biden-Harris administration proposal is to change the calculation for determining annual Social Security cost-of-living adjustments (COLAs) so they are no longer based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The White House favors basing the COLA on the Consumer Price Index for the Elderly (CPI-E), which senior advocates say does a better job of accounting for changes in healthcare expenses.
3. Raise the PIA
The Primary Insurance Amount (PIA) is a figure that shows how much money you’ll receive in Social Security benefits based on the age you begin claiming benefits and your Average Indexed Monthly Earnings. The Biden-Harris team has proposed raising the PIA for Americans ages 78 to 82 to help them deal with rising costs later in life.
4. Raise the Special Minimum Benefit for Lifetime Lower-Wage Workers
Low-wage earners receive a special minimum Social Security benefit regardless of how much they made while working. For 2024, the special minimum benefit starts at $50.90 a month for someone with 11 years of Social Security coverage and goes to $1,066.50 for workers with 30 years of coverage, SmartAsset reported. Another Biden-Harris administration proposal is to increase the minimum benefit to 125% of the federal poverty level for an individual.
5. Hike SSA Funding
For 2025, the Biden-Harris administration said it would increase the Social Security Administration’s funding 9% from the 2023 enacted level, Newsweek reported. The aim is to improve customer service at SSA’s field offices and bolster state disability determination services, teleservice centers for retirees, and services for individuals with disabilities and their families.
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