Warren would boost Social Security, raise taxes on rich

Warren’s proposal includes a provision to create a new Social Security credit for those who leave the work force to care for family members—a disproportionate number of whom are women. (Photo: Diego M. Radzinschi/THE NATIONAL LAW JOURNAL)

Senator Elizabeth Warren, D-MA, has a plan for Social Security. And while retirees will love it; the wealthy, not so much. The New York Times reports that Warren’s plan to boost Social Security benefits by $200 a month would be financed by an increase in taxes on the wealthy—specifically, the very rich, who would end up paying more in Social Security taxes than they would eventually reap in benefits.

Democrats in the House are already considering a bill to boost Social Security benefits that would be funded by raising taxes on middle- and high-income workers—a long way from the party’s former attitude of simply protecting the program or slowing the pace of benefits increases.