Sanders offers Social Security as latest example of ‘many, many differences’ with Clinton

[portlander23]

Sanders offers Social Security as latest example of ‘many, many differences’ with Clinton
John Wagner
The Washington Post

During a visit to a senior center here Friday, presidential hopeful Bernie Sanders highlighted his support for expanding Social Security benefits, an issue on which he asserted he has a “strong disagreement” with Democratic front-runner Hillary Rodham Clinton.

Sanders would pay for his Social Security plan — which calls for both extending the life of the program and providing more generous benefits — by expanding the share of workers' wages that is subject to payroll taxes. Under current law, only the first $118,500 in earnings are taxed.

Clinton has not put forward a plan to “scrap the cap,” though during an appearance in New Hampshire earlier this week she indicated that she is willing to consider a version of the idea, which is being pushed by progressive groups. Clinton also said she would like to expand monthly Social Security benefits for the “most vulnerable” but stopped short of endorsing a broad-based increase.

“I understand Secretary Clinton was here the other day, and I think she and I have a strong disagreement on this,” Sanders said at the senior center, his first stop in a two-day swing through New Hampshire, the nation’s first presidential primary state.

When he turned his attention to Social Security, Sanders said his plan would extend the solvency of the program to the year 2065 and allow for higher benefits for low- and moderate-income beneficiaries.

Under current law, workers pay a 6.2 percent tax on earnings up to $118,500. Under Sanders’s plan, the tax would also be applied to income above $250,000.

Sanders said that would rectify a fundamental unfairness in the current system: Someone who makes $118,500 a year and someone who makes $5 million a year both pay the same amount in Social Security taxes.

“I think that’s wrong,” he said.

Sanders, a self-described democratic socialist, said that the wealthy have benefited disproportionately from the nation’s economy in recent years.

“It’s the right thing to ask those folks to help out in extending and expanding Social Security benefits,” he said.

Related:

Say It Ain't So, Hillary Clinton - You're Open to the Idea of Raising the Retirement Age?

A Trojan Horse In Clinton’s Pledge To “Enhance” Social Security?

Why It's Misleading to Swear to Protect the Poor's Social-Security Benefits

Seems like "The Third Way" is another way to describe what is popular among Democratic Party voters.

[Thinkingabout]

1. Hillary wants to put the tax on $250,000 and up incomes. I am glad she disagrees with Sanders.

[jeff47]

2. Yes, those poor people making between $97,000 and $249,999 need protection!!! (nt)

[CharlotteVale]

6. LOL. People making minimum wage must sacrifice for the poor things.

[passiveporcupine]

11. Actually, it's now 118,500 to 249.99

But the point is that for each 10K you make over that 118.500, you pay an additional $620 in SS taxes. Someone making 128.5K a year is not going to be hurt much by a $620 tax on ten thousand increase in income.

And even up to 250K, you pay $15,407 in SS taxes for an additional income of 130K...that is not going to hurt you, relative to how much it will help those paying on 100% of their wages to get a benefit. We are not talking middle class here. We are talking upper class...which comes before wealthy class, which comes before ridiculous class.

I agree, we don't need a gap, but how how up the ladder do we go to raise the cap? I say up to a million at least.

I made an excel spreadsheet to see the numbers, and I hope I didn't screw it up. Someone correct me if I'm wrong, please.

[Elmer S. E. Dump]

14. Remove the cap completely - what's fair is fair

Then you'd probably be able to lower the rate for everyone, and we wouldn't be talking about raising the age and lowering the benefits.

[shawn703]

16. What it is, is like an end of year bonus.

I made my last payment into Social Security for the year during this last pay period, and now I'll have about an extra $350 or so in my paycheck for the rest of the year. It's something nice to have, especially during the Christmas season. However, it's not going to hurt me, or anyone else, if the cap is lifted. If I can get by with a certain amount in my paycheck for ten months out of the year, I can certainly get by with that same amount during the last two.

[Scootaloo]

3. If I understand you correctly...

Clinton advocates a policy wherein there are no SS payroll deductions for anyone making under $250k? Am I misunderstanding, or do you have a source for that?

[passiveporcupine]

12. I think they meant to jump a gap from 118.5 to 250 before paying more for SS tax

Not that everyone below 250K would be tax free.

[floriduck]

9. I'm just curious.

Are there any proposals of Bernie's that you don't have a problem with? I just like critical posters to demonstrate some logic to their thinking. Ant Logic will do. But to come in, snipe and get out offers no real value.

[Eric J in MN]

18. That's Sanders' plan, not Clinton's plan. NT

NT

[liberal_at_heart]

4. Raise the cap! Don't cut SS! Expand SS!

I swear I think Bernie is the only sane person when it comes to SS.

[bvar22]

5. That is odd.

In 2008, she was strongly opposed to Raising-the-Cap because it would adversely affect the "Middle Class"... you know, the Middle Class that makes over $97,000/yr.

Oh well, That Hillary sure is an accomplished Evolver.
She is evolving every day.
I wonder what life form she will be in 2018?

[Scuba]

22. She was either grossly ignorant or blatantly lying.

I'll go with lying.

[bkkyosemite]

7. HRC is trying desparately to sound like Bernie

with a few differences in wording to make it seem she is for it when she really is not. She is a copy cat. Bernie was there first on most issues.

[Thinkingabout]

10. That's strange since he takes positions on issues she has delivered, keep thinking

She is following Sanders, especially on the gun issue.

[AzDar]

8. K & R

[in_cog_ni_to]

13. Bernie gets it. Bernie is the only candidate running (except O'Malley) who truly cares about saving

Social Security.

The problem is, the Gop and Third Way are not willing to help their fellow citizens - no matter how poor or how old they are. They've got theirs and they do Not want to share. It's all about ME, ME, ME. Get out the bootstraps and cat food.

Bernie MUST WIN for the citizens to survive. We cannot afford another Right-Leaning President. They've done enough damage. The Oligarchy has to go!

[Elmer S. E. Dump]

15. I concur completely!

[in_cog_ni_to]

19. ...

[Uncle Joe]

17. Kicked and recommended.

Thanks for the thread, portlander.

[Enthusiast]

20. But but, job creators!

[pa28]

21. Raising the retirement age sounds like a terrible idea to me.

Maybe her supporters can explain why their candidate is willing to do it.

[Scuba]

23. Check and see what her pal Pete Peterson wants to do with Social Security. Tells all.

[eridani]

24. What the 'expand it for the vulnerable" horseshit really means

1. Cut Social Security

2. Add some money back for the lowest quintile, which would replace what they lose if they manage to live to be 85.

That's what the Catfood Commission meant, and that's what it still means.

[portlander23]

25. Means testing

And a step towards dismantling the program.