CNN N. H. Town Hall: on Social Security

Amy Klobuchar: Raise cap above "donut hole": FICA over $250,000

KLOBUCHAR: It is not just about our seniors as we look at how we're going to keep Social Security solvent. It's going to start paying out less benefits. Maybe 10 to 15 percent by 2034 if we don't do something about it. So, then, what are the solutions? There's really a pretty straightforward elegant solution. Right now you pay into the Social Security fund up until $133,000 in income. And you can just lift that cap straight up, that's one way to do it. Or you can kind of do what we call a "donut hole," not have people paying for a little and have them start again at $250,000, which is a bill that actually Senator Sanders has led, that I have co-sponsored for a number of years. And to me, I think that that would make a lot of sense because it would keep Social Security solvent and strong.

Joe Biden: 6.2% FICA tax on all earnings over $400,000

BIDEN: There's two pieces to the protection. #1, I'm going to make sure that we are able to have Social Security for the students here when their time comes. #2, I'm going to make sure that those folks who lost a spouse, or Social Security payment was reduced, or they're outliving way beyond their coverage, that they can have it raised.

Q: How are you going to do that?

BIDEN: Right now, we pay about 6.2 percent out of our salary, up to roughly $130,000. I have been proposing for some time that we do the same thing for everybody making over $400,000. So, for example, you, in fact, make 60 grand, you get 6.2% taken out of your salary. If you make $130,000, you get 6.2%. If you're making a million, you pay the exact same amount as someone making $130,000. By moving to keep the tax at 6.2% for people making every dollar over $400,000, we can pay for everything I'm talking about. And we can make it solvent, for all of these kids here.