Buttigieg The Latest Democratic Candidate To Unveil Social Security Proposal

  • Democratic candidates have been rolling out their Social Security proposals as the funds for the program are dwindling.
  • Pete Buttigieg’s proposal would like to balance out the tax and the income taken for Social Security.
  • Per Pew Research Center, people over the age of 65 make up 23% of the votes for the 2020 Presidential Election.

TALLAHASSEE, Fla. – Democratic candidate Pete Buttigieg has come up with a new plan for Social Security should he be elected into office. The mayor of South Bend, Indiana believes that a rise in annual income that is subjected to the payroll tax would help to extend the program in terms of its shelf life.

As of right now, the payroll tax is $132,900. Raising that to $250,000 would help to keep the program alive. Currently, Social Security is estimated to run out by the year 2035.

“That would go a long way toward sustainability on the Social Security side,” said Buttigieg Saturday at an AARP forum.

Presently, income hikes have created a rise in the inequality of tax cap amounts. There is a 12.4% tax cap in effect on yearly earnings. This cap changes each year using the national average income as a base number to create a cap for the next year.

Many of the Democratic opponents have all put out their plans to raise taxes to help in funding Social Security. Currently, Buttigieg is fourth in terms of his election odds to win the Democratic Election. Buttigieg has odds of +550 to secure the 2020 Democratic nomination.

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