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Pete Buttigieg on Social Security

Democratic Presidential Challenger; IN Mayor

 


Double Social Security's payroll-tax cap to $250,000

Democratic presidential candidate Pete Buttigieg proposed more than doubling Social Security's payroll-tax cap--and he's just the latest to do so.

Mayor Pete, as he's often called, said he'd like to increase the cap of income eligible for payroll taxes from what it is now at $132,900 to about $250,000, while speaking at an AARP Forum in Iowa. "I have a very personal stake in making sure that Social Security and Medicare are there when you retire and when I retire, and if you look at the numbers, that won't happen without some adjustments," he said.

Other Democrats have suggested similar strategies. Fellow Democratic presidential candidate Sen. Bernie Sanders, the independent from Vermont, proposed subjecting anyone with income over $250,000 to the payroll tax, which would create a gap between the current tax cap and the new one. That gap would narrow over time as the cap naturally lifted every year.

Source: MarketWatch e-zine on 2019 Democratic primary , Jul 22, 2019

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Page last updated: Dec 21, 2020