What ought to scare Donald Trump about going up in opposition to Vice President Harris? Going through a troublesome lady, for starters. pic.twitter.com/ZD5w8j4OnB
— Elizabeth Warren (@ewarren) July 25, 2024
Vice President Kamala Harris is the frontrunner for the Democratic presidential nomination after President Joe Biden introduced he won’t search a second time period. Harris has but to undertake an official Social Safety plan, however her previous positions present insights into her doubtless method. Harris is firmly in opposition to any proposals that would scale back or reduce Social Safety advantages.
She has supported President Biden’s proposals, corresponding to growing the payroll tax on earnings above $168,600. In 2019, then-Senator Harris co-sponsored the Social Safety Growth Act launched by Sen. Bernie Sanders.
We’re reside to speak about what’s at stake this upcoming election.
I all the time say you get what you arrange for. And I do know we will arrange and win to make sure @KamalaHarris is the subsequent President of america.
Be part of us right here: https://t.co/8J6BIadfbx
— Ilhan Omar (@IlhanMN) July 26, 2024
The Obamas name VP Kamala Harris to endorse her for president:
“Michelle and I could not be prouder to endorse you and to do the whole lot we will to get you thru this election and into the Oval Workplace.” pic.twitter.com/WlAmSQRO4q
— The Recount (@therecount) July 26, 2024
This laws proposes reinstating the payroll tax at $250,000 of earned earnings, which might generate extra income in comparison with Biden’s plan. Harris helps altering the strategy for calculating cost-of-living changes (COLAs) for Social Safety. She favors switching from the CPI-W to the CPI-E, which higher displays the bills of senior residents, doubtlessly leading to greater annual COLAs.
Harris’ stance on Social Safety
The Social Safety Growth Act features a proposal to extend advantages by $200 per 30 days, or $2,400 yearly. This might assist retirees regain some misplaced buying energy because of inflation.
Harris helps growing the particular minimal profit for lifetime low-earning employees to 125% of the federal poverty stage. This might considerably increase the present minimal profit, which is effectively beneath the federal poverty line. To make sure the rich pay their justifiable share, Harris helps measures like growing the web funding earnings tax by 12.4%, aligning it with the payroll tax on earned earnings.
This might shut loopholes that at the moment enable rich people to keep away from greater taxes on funding earnings. Whereas Harris’ supported proposals would lengthen the solvency of Social Safety, they may not absolutely “repair” this system. The elevated income from taxing the rich would assist stave off insolvency however may be offset by greater advantages, thereby extending solvency for just a few years or a long time.
Though Harris’ plans might delay the exhaustion of Social Safety reserves, long-term sustainability will doubtless require additional, extra complete reforms. Because the Democratic Nationwide Conference approaches, extra particulars are anticipated to emerge on Harris’ plans for Social Safety, which will likely be essential for informing voters on this urgent concern.