Beer-swilling, $430K/year teaching, culturally appropriating 2020 Democratic candidate Elizabeth Warren unveiled a plan Thursday which would bump Social Security benefits by $200 per month, while increasing payroll tax on incomes above $250,000 ($400,000 joint) by a whopping 14.8% - split evenly between employers and employees, according to Bloomberg.
In other words, self-employed Americans enjoying moderate success will enjoy a particularly swift kick in the nuts under a Warren administration.
If enacted in 2020, average Social Security benefits would rise from $1,395 per month to $1,595, according to an analysis by Moody's Mark Zandi shared by Warren's campaign. The plan would also index Social Security benefits to a faster rate of inflation, while providing enhanced benefits to widows, widowers, and caregivers of children below the age of six.
According to Zandi, Warren's plan would also kick the solvency can down the road around 20 years to 2054.
"We need to get our priorities straight. We should be increasing Social Security benefits and asking the richest Americans to contribute their fair share to the program," wrote Warren in a Medium.com post, adding that her plan was "the biggest and most progressive increase in Social Security benefits in nearly half a century."
Warren’s proposal indicates how far Democrats have moved since 2011, when President Barack Obama offered to cut Social Security benefits as part of a “grand bargain” compromise with Republicans to reduce the deficit. It’s in keeping with Warren’s broader policy pitch to enhance the middle class safety net by taxing upper incomes.
Her policy paper comes on the day of the third Democratic debate in Houston, the first time all of the four leading contenders will be on stage together.
She follows rival Bernie Sanders, a fellow senator and rival for the Democratic nomination, who pushed for an expansion of Social Security benefits during his unsuccessful 2016 presidential campaign. Legislation by Sanders to expand Social Security has been cosponsored by 2020 contenders Kamala Harris and Cory Booker. -Bloomberg
With Warren gaining ground on former Vice President Joe Biden, we may end up watching her explain this ambitious redistribution plan while debating President Trump.