What top Democratic presidential candidates could say about Social Security at the Iowa debate
Because the cap is currently set at $137,700, that could create a so-called doughnut hole, where earnings are not taxed between the current maximum and the new level, said Favreault.
He proposes lifting the Social Security payroll tax to apply to all income over $250,000. Increased revenue from that tax increase would help the program pay benefits for the next 52 years, according to his campaign. In an emailed statement, Steyer called Social Security "a promise that America has made to our seniors."
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