Where Politicians Stand on the Payroll Tax
Politicians have varying approaches to payroll taxes and Social Security. Here’s a look at where some of them stand:
- President Donald Trump has been fairly inconsistent when it comes to Social Security. However, he has also claimed to have considered payroll tax cuts.
- Back in 2018, former Vice President Joe Biden said that the program “still needs adjustments,”
- Current Democratic hopeful Pete Buttigieg’s proposal consisted of raising the payroll tax cap to around $250,000 for Social Security.
- Bernie Sanders has gone as far as to introduce legislation on the issue. His legislation would see a Social Security tax on incomes over $250,000. Also, investment income would be taxed too. Individuals would expect a tax for investment income over $200,000 while for married couples the numbers would come up to $250,000.
- Elizabeth Warren’s proposal includes expanding benefits, eliminating the tax cap and introducing an investment tax.
