Cassidy Attacks Sanders' 12.4% Social Security Tax Plan, Citing $184,500 Cap
Updated
Updated · Yahoo! Voices · Nov 11
Cassidy Attacks Sanders' 12.4% Social Security Tax Plan, Citing $184,500 Cap
1 articles · Updated · Yahoo! Voices · Nov 11
Summary
Bill Cassidy said Bernie Sanders' plan to lift the Social Security payroll-tax cap would hit workers "a long way from being millionaires or billionaires," pointing to the 12.4% combined payroll levy.
Cassidy argued even a two-income household such as married ICU nurses could face the tax, and said it would come on top of an estimated 14% levy to fund Medicare for All.
Sanders has tied the proposal to a push to expand benefits by at least $2,400 a year and shore up the program's finances, saying wealthy Americans should pay more by scrapping the cap.
Current law applies the 12.4% Social Security tax only to the first $184,500 of an individual worker's wages in 2026; Sanders has proposed taxing earnings above $250,000.
The clash underscores rival fixes for Social Security as Cassidy promotes a $1.5 trillion investment fund and warns benefits could fall 28.5% within six years without action.