I'm certain this news will garner much appause from some, but it can't be good for attracting votes away from Trump. Warren has proposed so many Socialist ideas with scant details on how WE would pay for them that it will be interesting to see if she is called out by Biden tonight on how the math works. Warrenâs SSN proposal also calls for updating what she describes as âoutdated rules to further increase benefits for lower-income families, women, people with disabilities, public-sector workers and people of color.â https://a.msn.com/r/2/AAHbR1b?m=en-us&referrerID=InAppShare
boosting SS will help middle class middle males
When in doubt, throw more money at people to get their votes, silly.
also here is what the actual plan says for how to finance it: > Finances these changes and extends the solvency of Social Security by nearly two decades by asking the top 2% of families to contribute their fair share to the program. > ... > First, my plan imposes a 14.8% Social Security contribution requirement on individual wages above $250,000 -- affecting less than the top 2% of earners -- split equally between employees and employers at 7.4% each. While most American workers contribute to Social Security with every dollar they earn, CEOs and other very high earners contribute to Social Security on only a fraction of their pay. My plan changes that and requires very high earners to contribute a fair share of their income. My plan also closes the so-called âGingrich-Edwardsâ loophole to ensure that self-employed workers canât easily reclassify income to avoid making Social Security contributions. > Second, my plan establishes a new 14.8% Social Security contribution requirement on net investment income that applies only to the top 2% -- individuals making more than $250,000 in annual income or families making more than $400,000 in annual income. My plan creates a new contribution requirement -- modeled on the Net Investment Income Tax (NIIT) from the Affordable Care Act -- that asks people and families above these high income thresholds to contribute 14.8% of the lesser of net investment income or total income above these thresholds. My plan also closes loopholes in the NIIT that allow wealthy owners of partnerships and other businesses to avoid it. This contribution requirement will ensure that the very wealthy are paying into Social Security even when they report the bulk of their income as capital returns rather than wages. Try reading it https://elizabethwarren.com/plans/social-security itâs quite detailed đ
What is âfair shareâ out of curiosity? How much do the top 2% of families already pay?
Surprise surprise, thatâs in the link too > Social Security is funded by mandatory insurance contributions authorized by the Federal Insurance Contributions Act, or âFICAâ. The FICA contribution is 12.4% of wages, with employers and employees splitting those contributions equally at 6.2% each. (Self-employed workers contribute the full 12.4%.) If youâre a wage employee, you contribute 6.2% of your very first dollar of wages to Social Security, and 6.2% of every dollar after that -- up to an annual cap. This yearâs cap is $132,900, and each year, that cap increases based on the growth in national average wages. Congress designed the cap to go up each year based on average wages to ensure that a fairly steady percentage of total wages in America were subject to the FICA contribution requirement. But growing wage disparities over the past few decades has thrown the system out of whack. While wages for lower-income and middle-income workers have been fairly stagnant -- limiting the growth of the national average wage figure we use to set the annual cap -- income at the very top has been skyrocketing. That means more income for the biggest earners has been above the cap and therefore exempt from the FICA contribution requirement. In 1983, 90% of total wage earnings were below the cap. Now itâs just 83%. The top 1% of earners have an estimated effective FICA contribution rate of about 2%, compared to more than 10% for the middle 50% of earners. That amounts to billions of dollars every year that should have gone to Social Security but instead remained in the pockets of the very richest Americans, while the Social Security system slowly starved.
1 trillion deficit was announced today. But Indian woman bad.
She is not Indian.
The only person who thinks Elizabeth Warren is an âIndianâ is Elizabeth Warren.
I like how privileged (often white) men who are no where near the top 2%, or being impacted by these common sense plans, watch one fake news fox show and decide theyâll be on food stamps if she wins. Use your head, read the facts, the 98% of us have been driven further and further down, while life for the 2% gets better and better. College education costs, pensions evaporate for âself-directed savingsâ while CEOs get bigger and bigger golden parachutes. And what real value have they provided? Mergers, acquisitions and corporate tax evasion.
Cool. We will definitely have to pay combined at 480k. Wife is a heart doctor so any Warren debt forgiveness will go to Baristas with women's studies degrees, not MDs or MBAs. U earn 2 much lawls. Top 10% of this country (most of Blind) carry the rest of these bums in the US. Trump tax cuts were dumb and we need close the spending deficet but I never hear cut the government budget or stop military spending. No one proposes that plan. We do not have enough money to fund all her programs. Warren is overreaching, everyday it is a new program and tax. Take on healthcare or new green deal. We can't afford them all. I am looking for a way not to vote for Trump again, watch every debate but it is getting hard.
She suffers from masses amount of white guilt. Do you guys hear the story that broke today? Her actual direct to send an ancestor thought in the Indian wars.
OP, you should know that Warren always has exact details on how to pay for everything.
:-)
Lib engineers in CA be fucked. 250k is basically living wage.
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1. Fake News. 2. Warren Derangement Syndrome. 3. If you don't like this country, I'll help you pack.
Lol what's to like about Warren?
Just another totalitarian feminist with lots of anger issues. Pretty par for the course for the DNC today. No wonder the party base love her sheâs a reflection of all their worst aspects