Posted on 11/30/2019 5:03:31 AM PST by karpov
[Buttigieg's plan would]
• Expand Social Security with “a new special minimum benefit of 125 percent of the federal poverty line for any senior who has worked at least 30 years.” Unpaid caregivers of any “child, elderly, or disabled dependent” would be “awarded credit toward Social Security benefits” as if working for pay—applied in some cases “retroactively by five years.”
Mr. Buttigieg doesn’t say what these additions would cost, but Social Security is on track to go broke as it is. The program is expected to pay more in benefits than it raises in taxes next year, and this funding gap will widen. Modest changes, such as raising the retirement age by one month every two years, would help, but Mayor Pete rules out benefit adjustments. That means tax, tax, tax.
• Raise money by applying unspecified “additional Social Security taxes” to personal income above $250,000. Meantime, “work with Congress to develop options for enshrining a process of automatically adjusting high earners’ contributions to keep Social Security solvent without ever cutting benefits.”
This is a huge tax increase. The current Social Security payroll tax is 12.4%, split between workers and employers. But it applies only to wages of $132,900, after which the tax comes off. Mr. Buttigieg doesn’t specify a rate for his surtax, but he suggests it would cover all high income, from $250,000 to infinity. That would kill the fiction of Social Security as an “earned” program, even if Mayor Pete gives these people new “modest Social Security benefits for their extra contributions.”
• “Institute a Public Option 401(k).” Workers who put in 1.5% of their pay “would trigger an employer contribution of 3 percent.” Companies would be required to participate unless they already offer a 401(k) with a “sizeable employer match” or some other “generous retirement package.”
(Excerpt) Read more at wsj.com ...
Mayor Pete needs to disclose the details of his secret employment with McKinsey &Company, the CIA front Company where he worked for three years.
Yeah, sure. I want the government handling my 401k...they did such a fine job on my Social Security account!
When Butthead was the failed Mayor of South Bend, Indiana he couldn’t even get the garbage picked up on time.
Inspite of the fact that women vote for him, America wil not tolerate a Queer President.
Beavis for VP
If Buttigieg gets the nomination I’m sure this slogan will become popular.
It isn’t public. It’s government indenture.
It isn’t an option if you can’t get out once you’re in.
that is essentially what Bush proposed, except he wanted to take part of one’s Social Security Payment and use it like a stock Option a la 401K. Butt wants a totally separate program with its own tax acquisition.
Where’s the fairness in giving caregivers perks over any other job?
Are you sure of that? nobama qualifies as does his 'wife' if he decides to run.
What is the current poverty rate of income for a single person?
I am on a land line dial up system, so I cannot search worth a darn.
Obama says don't be too sure about that.
Those are still around??
A land line dial up is the current threshold for the poverty rate.
Nah, just bustin'yer balls.
Pinko fag.
Beavis is Butthead’s Husband
I think that label will stick.
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