Warren's proposal includes a provision to create a new SocialSecurity credit for those who leave the work force to care forfamily 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 loveit; the wealthy, not so much. The New York Times reportsthat Warren's plan to boost Social Security benefits by $200 a month would be financed byan 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 inbenefits.
Democrats in the House are already considering a bill to boostSocial Security benefits that would be funded by raising taxes onmiddle- and high-income workers—a long way from the party's formerattitude of simply protecting the program or slowing the pace ofbenefits increases.
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Marlene Satter
Marlene Y. Satter has worked in and written about the financial industry for decades.
