Sunday Political Talk Show interviews during 2020-2024: on Social Security

Donald Trump: Seniors should not pay tax on Social Security benefits

Under current law, seniors that earn less than $25,000 per year ($32,000 for married couples) of "combined income"--that is adjusted gross income and half of their Social Security benefits--pay no taxes on Social Security retirement benefits. Above that amount, 50% of Social Security benefits are subject to income tax, with the revenue going toward the Social Security retirement trust fund.

This year, taxation of benefits is projected to raise about $94 billion. We estimate that eliminating taxation of Social Security benefits for seniors would cut taxes and thus reduce revenues by about $1.8 trillion between 2026 and 2035. This includes $1.05 trillion less in revenue for Social Security and $750 billion less revenue for Medicare.

Kamala Harris: Social Security Expansion: 12.4% on earnings over $250,000

As a Senator in California, Harris co-sponsored the Social Security Expansion Act:
In 2019, Sen. Bernie Sanders (D-VT) introduced the Social Security Expansion Act in the upper house of Congress. Then-Senator Kamala Harris of California was one of the bill's four co-sponsors. Instead of being reinstated on earned income above $400,000, the Social Security Expansion Act calls for the 12.4% payroll tax to recommence at $250,000. This bill would presumably raise even more revenue than Biden had proposed.

Kamala Harris: COLA adjustments and benefit boost for seniors

Current and new beneficiaries would enjoy a $200/month benefit boost :
On top of modestly higher COLAs over an extended period, compared to the CPI-W, the Social Security Expansion Act that Harris co-sponsored would increase monthly benefits to current and new beneficiaries by $200 per month, or $2,400 annually.

Kamala Harris: End payroll tax loopholes: increase investment tax

Harris would have the rich pay their fair share by ending payroll tax loopholes:
In addition to the payroll tax being reinstated on earned income above $250,000, the wealthy could see some of their business and/or investment income subjected to a higher net investment income tax under the Social Security Expansion Act. This would be done by increasing the net investment income tax by 12.4% above its current level. Note that this matches the payroll tax applied to earned income, which currently excludes investment income.