O’Malley: Expand Social Security With Tax on High Earners

Americans should pay 6.2% Social Security tax on earnings above $250k to pay for expanding benefits to all retirees “in progressive manner,” Democratic presidential candidate Martin O’Malley says in position paper.

  • Minimum benefit should be raised to 125% of poverty level for Americans who worked 30 yrs: O’Malley
  • NOTE: Under current law, workers pay 6.2% Social Security tax up to cap of $118,500

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