Warren unveils Social Security plan that raises benefits by $200 per month
By Aris Folley - 09/12/19 09:02 AM EDT
Sen. Elizabeth Warren (D-Mass.) released a plan to bolster Social Security on Thursday that would raise benefits by $200 a month for current and future beneficiaries of the program.
Warren would fund the hike in benefits by raising contribution requirements on the nation's wealthiest households by imposing a new Social Security 14.8 percent contribution requirement on wages above $250,000.
Warren would also create a new 14.8 percent contribution requirement on net investment income on individuals with investment income above $250,000, and families with investment income above $400,000.
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Investment income right now is not hit with a Social Security tax, and taxes on wages top out at $132,900 — a figure that is raised annually.
“Currently, the rich contribute a far smaller portion of their income to Social Security than everyone else,†Warren said in the email unveiling the proposal. “That’s wrong, and it’s threatening the solvency of the program.â€
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https://thehill.com/homenews/campaign/461046-warren-unveils-proposal-to-increase-social-security-benefits-by-200-monthly