What should scare Donald Trump about going up against Vice President Harris? Facing a tough woman, 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 announced he will not seek a second term. Harris has yet to adopt an official Social Security plan, but her past positions provide insights into her likely approach. Harris is firmly against any proposals that would reduce or cut Social Security benefits.
She has supported President Biden’s proposals, such as increasing the payroll tax on earnings above $168,600. In 2019, then-Senator Harris co-sponsored the Social Security Expansion Act introduced by Sen. Bernie Sanders.
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I always say you get what you organize for. And I know we can organize and win to ensure @KamalaHarris is the next President of the United States.
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— Ilhan Omar (@IlhanMN) July 26, 2024
The Obamas call VP Kamala Harris to endorse her for president:
"Michelle and I couldn't be prouder to endorse you and to do everything we can to get you through this election and into the Oval Office." pic.twitter.com/WlAmSQRO4q
— The Recount (@therecount) July 26, 2024
This legislation proposes reinstating the payroll tax at $250,000 of earned income, which would generate more revenue compared to Biden’s plan. Harris supports changing the method for calculating cost-of-living adjustments (COLAs) for Social Security. She favors switching from the CPI-W to the CPI-E, which better reflects the expenses of senior citizens, potentially resulting in higher annual COLAs.
Harris’ stance on Social Security
The Social Security Expansion Act includes a proposal to increase benefits by $200 per month, or $2,400 annually. This would help retirees regain some lost purchasing power due to inflation.
Harris supports increasing the special minimum benefit for lifetime low-earning workers to 125% of the federal poverty level. This would significantly raise the current minimum benefit, which is well below the federal poverty line. To ensure the wealthy pay their fair share, Harris supports measures like increasing the net investment income tax by 12.4%, aligning it with the payroll tax on earned income.
This would close loopholes that currently allow wealthy individuals to avoid higher taxes on investment income. While Harris’ supported proposals would extend the solvency of Social Security, they might not fully “fix” the program. The increased revenue from taxing the wealthy would help stave off insolvency but might be offset by higher benefits, thereby extending solvency for a few years or decades.
Although Harris’ plans could delay the exhaustion of Social Security reserves, long-term sustainability will likely require further, more comprehensive reforms. As the Democratic National Convention approaches, more details are expected to emerge on Harris’ plans for Social Security, which will be critical for informing voters on this pressing issue.
