By Tyler Durden
War On Wealth: Warren Whacks “The 2%” With More Taxes To Pay For Social Security Scheme
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 …read more
Source:: Zero Hedge