Bloomberg unveils plans for Americans' Social Security, retirement savings
[CSNBC] Bloomberg’s plan calls for setting a new, higher minimum benefit to prevent low-income seniors from falling below the federal poverty line.
It also calls for improving benefits for those who rely on them. Exactly how much benefits would be increased under Bloomberg’s plan was not disclosed.
To pay for benefit increases, most proposals generally call for raising the payroll tax or the wage base. The Social Security tax is currently 6.2%, or 7.65% with Medicare, which is paid by both employees and their employers. Currently, only earnings up to $137,700 are subject to those Social Security levies.
Bloomberg’s plan does not stipulate whether he would increase those thresholds.
Emphasis added just above.
Posted by: Besoeker 2020-02-17