Some Republicans have spoken in favor of increasing the retirement age to maintain the solvency of Social Security and Medicare and others have opposed it, but there is no official party consensus on the policy.

President Biden recently tweeted about how Florida Senator Rick Scott’s 12-Point Rescue American Plan will put “Medicare and Social Security” on the chopping block. This is somewhat true; the Plan calls for all federal legislation to be reviewed every 5 years, with Congress deciding if the legislation should be renewed or not, including Medicare and Social Security.

While the American Rescue Plan Act does introduce new tax laws, including for peer-to-peer payment apps like Venmo, the “$600 Tax Rule” mainly affects small businesses, independent contractors, and individuals with side hustles who use the apps for transactions.