This article was provided by Bloomberg News.
Elizabeth Warren Plans To Boost Social Security Spending By Hiking Taxes On The Rich
September 12, 2019
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Comments
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I'm sure there won't be any unintended consequences to this new tax (on top of endless new taxes on "the rich" to pay for everything else in her magic bag of goodies)! "The rich" are an easy populist target, claiming they're not paying "their fair share". But it ain't this simple. The "effect" from this "cause" will be devastating to the economy, capital investment, etc.
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SS benefits are already subject severe progressive indexing With that in mind, the 2019 formula is: 90% of the first $926 of average indexed monthly earnings (AIME) 32% of AIME greater than $926, but less than $5,583. 15% of AIME greater than $5,583.
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Trillions are being added to the unfunded liabilities problem while neither a Democrat nor Republican president has found itself with a Congress willing to "modernize" Social Security. Instead of reducing government waste FIRST, these fans of BIGGER government like Warren and Sanders always choose FIRST to increase taxes on the productive class. I am concerned about Social Security's unsustainable path. Expect to see the goalpost being moved. Has the idea of "progressive indexing" of future BENEFITS been permanently shelved? The richest social security recipients do not need to see their benefits increase as much as the poorest social security recipients.