And as I wrote, a high earner's employer will be on the hook for the extra unless they cap their contribution. Should an employer be required to pay 7.65% for the whole $2M? That's $156K added to their payroll cost and would cause many to close. Even if the person makes $400K, the difference is over $20K.
They would really need to look at the changes in terms of 'jobs lost if....' when they think about it.
Biden voted to tax Social Security benefits-
As a senator, Joe Biden voted to tax Social Security benefits. As a presidential hopeful, he does not propose taxing property or retirement accounts.
www.usatoday.com
I think the gap WRT people making $400K is his income tax plan, not specifically for FICA.